So long, 2024! It was a year of mixed signals for reverse mortgage volume as large forward lenders got more serious about the space and interest rates showed an encouraging trend, but ultimately ended in disappointing fashion with rates bouncing sharply higher since September.
HECM endorsements gained 9.1% to 2,626 loans in December, as loans continue to flow through from prior to the recent rate increases. From here on these volumes are swimming upstream for as long as rates keep ramping upward.
The regional picture underlined that topline strength, with 6 of 10 on the upswing:
- Southeast/Caribbean rocketed 42% higher to 724 loans – top spot on the month and highest of any region for the year!
- NY/NJ rose 14.7% to 117 loans
- NW/Alaska jumped 11.9% to 226 loans
The top 10 lenders matched that regional performance, with 6 of 10 rising on the month:
- Mutual of Omaha capped an impressive year with a flurry, gaining 40.9% to 641 loans
- FAR added 15.8% to 549 loans
- Fairway finished with 76 loans, up 11.8% from November
Click the image below for the full report.
