As of November the number of federally insured reverse mortgages known as HECM’s totaled 103,640 down 1.7% from 2008. Although total endorsements were down the number of active lenders increased by 7.5% year over year to 3,055.
The Southeast/Caribbean region received 22.25% of the total endorsements. States included in this region include:
- Alabma
Florida
Georgia
Kentucky
Mississippi
North Carolina
Puerto Rico
South Carolina
Tennessee
U.S. Virgin Islands
Year over year total market share among the top 10 reverse mortgage industry leaders grew form 39% to 42.9%. According to the HUD’s HECM Endorsement Summary Report the nations top 5 lenders in November were as follows. The number to the right of the lender is the total number of national endorsements.
- Wells Fargo – 1,491
Bank of America – 726
Metlife Bank – 346
One Reverse Mortgage – 303
Financial Freedom Acquisition – 210
All this seems to point to more lenders chasing fewer dollars in 2009. The decrease in national endorsements is less likely due to decreased need among seniors than it is due to negative press about the reverse mortgage product.
