Reverse Mortgage Volume Dips in September 2017
Reverse Mortgage volume has dipped in September of 2017, according to new reports from Reverse Mortgage Daily. Endorsements have fallen by 6.7% in the period between August and September, according to the report.
"Home Equity Conversion Mortgage originators — including those approved by the Federal Housing Administration and their non-approved countarparts — turned in 4,591 loans in September, according to the most recent analysis from Reverse Market Insight," according to Reverse Mortgage Daily.
"That’s a dip of 332 loans from August, which had represented a recent high-water mark amid a steady decline in the spring and summer."
What's even more alarming about this dip is that it is no different from the steady decline that has been happening since originators peaked in March 2017. Originations are down on all fronts including at the wholesale level.
For more on the decline in Reverse Mortgages for September 2017, click on the image above.