Reverse Mortgage Endorsements Take A Plunge in February
Reverse mortgage endorsements took a plunge in February with a substantial 17.6% drop, according to recent reports. In January, originations were strong which caused some to wonder when the effects off the October 2 changes would kick in. That time looks to have finally come.
"...the bottom fell out in February with a total of just 5,195 loans, with 2,649 HECMs through the retail channel and 2,546 wholesale loans — a decline of 16.9% and 18.4%, respectively," according to Reverse Mortgage Daily.
There is still good news for originators, despite the near 18% drop. According to the RMD report, High Tech Lending had an 82.9% jump in loans for February.
Meanwhile, the 5,195 loans total was the third-highest volume over a period of one year, according to the report. It isn't exactly time to hit the panic button yet with reverse mortgage originations.
To learn more about the sudden drop in reverse mortgage endorsements for February 2018, click on the image above.
