Home Equity Conversion Mortgages took a hit in June 2019 dropping 5.6%, according to a Reverse Mortgage Daily report. The report revealed that a majority of the drop was led by the retail endorsement sector of the market.
"Only three of the top 10 lenders recorded gains for the month as similarly noted in June’s HECM Lenders report, but some of the specific figures have been revised upward. For instance, HighTechLending – June’s most visibly improved lender – recorded a 73.5% rise in endorsements to 59 loans, up from a previous figure of 68.6%," according to RMD.
"Also revised upward was Finance of America Reverse’s June growth rate, now at 35.8% compared to the previously recorded jump of 21.6%. Fairway Independent Mortgage Corporation maintained its 40% growth rate in June according to the new RMI report."
Unfortunately, there is no data to show why the retail side led the drop in June. RMI President John Lunde told RMD that the drop could just be "noise between the channels."
To learn more about the drop in reverse mortgage endorsements for June 2019, click on the image above.