Home Equity Conversion Mortgage endorsements dipped by 13.4% in the month of December. According to a recent report from Reverse Mortgage Daily, six of the top 10 lenders in the space saw endorsement decreases in December, just as they did in November.
Despite six of the top 10 experiencing drops in reverse endorsement numbers, four saw solid increases.
"Reverse Mortgage Funding (RMF) rose 61.2% to settle at 303 loans in December, also marking their highest monthly total for 2019," according to RMD.
"HighTechLending saw an increase of 44.9% to 71 loans, while Open Mortgage rose 12.8% to 88 loans. Synergy One Lending recorded a more modest increase in December, rising 3.5% to 204 loans for the month."
In 2019, HECM endorsements fell 22.2% from the calendar year of 2018, according top the report.
To learn more about the HECM endorsement activity for December 2019, click here.