March 2019 was not a particularly good month for the Home Equity Conversion Mortgage business, with an even drop across both wholesale and retail channels according to a recent report.
HECMs saw a 35.7 percent drop on both he wholesale and retail side, according to data from Reverse Market insight. Reverse Mortgage Daily reported that these declines could be attributed to the partial government shutdown at the beginning of 2019.
"The HECM Originators report for March 2019 shows retail channel dropping 36.1 percent to 1,497 loans," according to RMD.
"The Wholesale channel’s recorded drop of 35.1 percent to 1,076 shows that both channels’ losses were relatively in-line with each other."
John Lunde, president of RMI insists that the March 2019 numbers still show an average monthly volume trend near 2,500.
"t’s unusual, but not particularly notable that the channels were almost identical in March given we were coming off of a distorted February picture for comparison," Sid Lunde.
To learn more about the decline in HECM endorsements for the month of March 2019, click on the image above.