Download your May 2017 Top 100 Retail HECM Lenders Report Here.
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
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4 Comments
It is interesting that there is no commentary on the numbers except from a few of us. Endorsements are the only rational measure available to us in determining growth.
While some advocate changing the way we measure growth in the industry, we still need endorsement data since the only one who has any information on tail data before fiscal 2009 is Fannie Mae who owned all but a small percentage of HECMs endorsed before October 1, 2011.
hi… does the top 100 report include “brokers” or is it just direct hecm lenders only? is there a “broker” top 100 list?
The report is only for direct HECM lender endorsements but omits TPOs and brokers. You can contact our data provider- Reverse Market Insight (rminsight.net)- for additional reports.
Mr. Berlfein,
Shannon is exactly right. The remainder of my comment provides an overview of the four major monthly endorsement reports available on line at no cost to the user.
Under current FHA terminology there are FHA approved lenders with all others classified as TPOs (Third Party Originators). Banks, brokers and any legal lender can get approved by FHA as an approved lender but the costs and required reporting can be costly.
Reverse Marketing Insight (RMI) has two reports it produces monthly which is free to the public. In the first two days of each month, RMI publishes a report with more data than the Top 100 Report which is a further summary of the monthly endorsement summary report provided by FHA on the first day of each month (or if the last day of the prior month falls on Saturday, the report is generally published on Saturday of that weekend).
Later in the month HUD provides a very detailed report on endorsements for the prior month called the HECM Snapshot Report. From that report RMI prepares a far more summarized and useful report for originators (meaning the company that actually originated the HECM). It is in that report you will find information on TPOs. TPOs include banks, credit unions, brokers, and any other legal lender who has not been approved by FHA as a FHA Approved Lender.
While the Top 100 Lenders report gives a great idea of who the leading Approved lenders are in the industry, the RMI Lenders’ Report is more thorough with more details. Finally the Originators’ Report helps TPOs understand their position with the industry.