Unfortunately, the number of reverse mortgage endorsements have dropped 22% in April 2018, according to a new report. Wholesale endorsements have taken the biggest hit in the dip.
"Total volume slid 22.1% in April among both Federal Housing Administration-approved lenders and non-FHA firms, according to the most recent data from Reverse Market Insight," according to a Reverse Mortgage Daily report.
"Wholesale endorsements dropped by 25.6% to hit a 12-month low of just 1,350, while retail endorsements dipped 19.6% to come in at 1,996 for the month."
The slide has stunned many in the reverse mortgage community and it looks like there are rumblings of the "bottom-line," maybe starting to show for the reverse mortgage community.
"Overall, the origination data for April shows 3,346 loans, down from March’s 4,298 and substantially lower than January, when a single-month post-change spike lifted totals all the way up to 6,308," according to RMD.
To learn more about the shocking slide in reverse mortgage endorsements, click on the image above.