October 2019 Reverse Mortgage Endorsements Mark Best Month Since May 2018
Reverse mortgage professionals have a lot to celebrate as a recent report revealed that October 2019 posted the best endorsement performance since May 2018.
Thanks to favorable interest rates, reverse mortgages performed well in October 2019, however, the Reverse Mortgage Daily report cautions that the cool down in interest rate reductions may affect the coming months.
"A new release in New View’s 'Who Buys What From Whom' (WBWFW) report for October 2019 was also released, showing that 63% of total origination and securitization volume was sold from originators to issuers of HECM-backed Securities (HMBS) over the last 12 months," according to RMD.
"Only 37% was originated and securitized by the same company. Of those loans that exchanged hands, 70% were sold by the top 100 sellers, and 20% were sold by the top 2 sellers."
Reverse mortgage professionals will want to pay close attention to how interest rates fluctuate over the next couple of months to see if the industry can continue the success.
To learn more about the report click on the image above.
