Download your October Top 100 Retail HECM Lenders Report Here.
[ad#Urban Financial Group]
Security One Lending shot from #5 last month to the top spot in October; a sure sign of their rapid expansion. AAG holds the #2 spot again yet showing a substantial spike in originations this month. RMS (Reverse Mortgage Solutions) catapulted from #23 in September to #9 in October. As consolidation and deployment of previous MetLife employees continue we should see continued growth amongst the top ten retail HECM lenders well into the new year.
5 Comments
Of the top six on a 10 month basis, only Generation looks like it does not belong there.
Among the Big Six, on a 10 month basis there are three different strata: 1) One Reverse and Genworth are within 200 endorsements of each other, 2) bunched even closer together are AAG, S1L, and Urban, and then 3) bringing up the rear is Generation.
The last four months of endorsements has been not bad; they have been horrible. There is no way the total endorsements for this calendar year will be 60,000 unless somehow in someway, over 15,300 HECMs get endorsed in the last TWO months of this year. It took the last four months to generate 15,441 endorsements. Now if the industry could do that in this month and December we would exceed 60,000 but not by much. We need 15,356 to get to 60,000 endorsements this calendar year.
So will we reach even 53,000 for this calendar year? Why some in the industry expect endorsements to be better for calendar year 2012 at 60,000 endorsements than the total for fiscal 2012 at 54,822 is both astounding and incredible. We have to go back to calendar year 2008 to see a calendar year endorsement totals exceed the total endorsements for the fiscal year that ended just three months earlier.
Imagine where we would be if S1L had had just 300-400 endorsements. October would have been the worst month in years, even worse than September, 2012, a real zinger.
Congratulations to Security One Lending! Yes to The Cynic, the year hasn’t been a good one for endorsements but Security One put together a great program for recruiting and it really has paid off.
Are the reported endorsements for Lenders
S1L,Generation,Genworth,Urban,RMS
Including and reporting on loans funded
from other lenders who are not closed loan lenders,,IE: I-Reverse etc.?
Jeffrey. I would contact Reverse Market Insight as they compile the data for our report. Thank you for subscribing.
Mr. Avella,
This is an endorsement report, not a closed loan report; thus it only includes FHA approved mortgagees, not TPOs. It comes directly from the HUD monthly HECM endorsement report.