Reverse Mortgage Lender Cheat Sheet: Stats for Incoming Lenders and Existing
Analyzing data is tiresome but for new reverse mortgage professionals, there are a few shortcuts you can take to stay on top of your game. A recent National Mortgage News report highlighted some of the most important statistics to pay attention to, narrowing the field down and helping reverse mortgage lenders learn the best ways to stay ahead.
"From purchase mortgage potential to challenges for loan officer productivity, reverse mortgages offer traditional lenders a mix of risks and rewards that the following seven statistics illustrate," according to the NMN report.
The stats listed in the NMN slideshow include: the top "10 market share, seniors' home equity, purchase loan percentage, annual claims paid, nonbank share, shared of LOs that originate a loan" and the most up-to-date HMBS volume.
For each of the stats listed, the report also includes a series of the latest data for each point. The information was gathered from a Stratmor Group presentation in conjunction with ReverseVision, as well as a few other information sources, according to the report.
One of the biggest criticisms of reverse mortgage lenders is their lack of knowledge or ability to explain the product. In all fairness, the reverse mortgage product and process are not simple.
Explaining it requires diligence and preparation both of which can come from staying on top of the aforementioned statistics. To learn more about these stats and how they can make you a better informed reverse mortgage lender, click on the image above.