Home Equity Conversion Mortgage (HECM) endorsements fell by 13.7% in the month of February 2020, for a total of 3,381 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall was led by the retail endorsement segment of business, which experienced an decrease of 24.4% that month, while wholesale levels recorded a much smaller decrease of 1.7%.
While the top 10 lenders did better as a collective group than the rest of the industry – dropping by 11.9% compared with the industry’s 13.7% – some lenders maintained very strong performances according to the data. Fairway Independent Mortgage Corporation saw a rise of 61.3% to 150 loans, its highest showing in over a year.
Liberty Reverse Mortgage saw a rise of
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