After three consecutive month over month increases in volume, reverse mortgage lenders endorsed 5,966 HECM units during September, down 10% from August. Endorsements from September bring overall year to date volume to 54,356 HECMs, down 38% from 2009.
According to Reverse Market Insight, the number of active lenders in the industry is down 30%, falling to 2,067 in September. With more lenders exiting the business, the top 10 lenders have seen their market share rise to 49.7%, up from 42.5% last year.
However, lenders who remain continue to have success, averaging a bit less than 9 units per month, close to record highs. Additionally, the number of companies with their first endorsement hit rock bottom, with less than 25 in September.
Below is a list of the top 10 reverse mortgage lenders, check out the report below for more insight into the September 2010 data.
- Year to date, the industry has endorsed 54,356 loans, a drop of 38% from 2009.
- Geographically, only two regions have had endorsement volume drop less than 30% this year: the Southwest with a 21.3% decline, and the Mid-Atlantic with 29.2% drop.
- The number of active lenders in the industry is down 30% to 2,067. We also set a new low for the number of new lenders entering the business (see chart on page 4).
“Market statistics and report sample provided by Reverse Market Insight, the leading source of market intelligence in the reverse mortgage industry. For more information about RMI and to purchase the full MIC report with additional key performance indicators and market statistics, please visit our website at www.rminsight.net“
