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April Top 100 HECM Lenders Report

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  1. There is no question that there is an industry volume leader in AAG. The next two are very close on a year to date basis and even more close on a fiscal year to date basis.

    The next two volume leaders (numbers 4 and 5) are again very close on both a calendar year to date basis as well as a fiscal year to date basis although the spread is larger than with numbers 2 and 3.

    Without significant rival, AAG is the volume leader with One Reverse and RMS/S1L all but tied for second place. Urban and Liberty bring up the rear almost tied.

    RMF is the interesting lender coming in at number 6 and perched to replace one of the top five in the next few years.

    (The opinions expressed are not necessarily those of RMS or its affiliates.)

  2. I was wondering what the requirements are for a companies name to appear on the Top 100 HECM report? I closed 6 reverse mortgage loans last month, which was a 1st for me, and it would have been nice to see my companies name on the list for once.
    Just curious.
    Sue Milligan

    • Sue, That’s a good question. The endorsement data usually trails about 3-4 months from closing data provided from HUD. Your loans submitted in April should show in June/July report.

  3. Sue,

    Unless your company is a FHA approved full eagle mortgagee, you will not see your company’s name no matter how many HECMs your company has endorsed in any one month. The HECM World report is constructed from the FHA monthly endorsement report which excludes all lenders but FHA approved full eagle mortgagees.

    HUD first aggregates all endorsements during the just completed month by full eagle mortgagee. That total includes all endorsements not just those originated by the full eagle mortgagee but also those closed through its wholesale unit. So for example say broker XYZ closed 20 loans this month (10 were with AAG, 5 with RMS, and 5 with Urban) and is not a FHA approved full eagle mortgagee. In July, seven of those HECMs were endorsed but since all 7 were AAG, that 7 would be aggregated with AAG for HUD endorsement report purposes. Then in August the other 13 were endorsed with 3 included with AAG, 5 with RMS, and 5 with Urban. As to the HUD endorsement report, it is as if XYZ does not originate HECMs.

    HUD also tracks and reports the total endorsements for the fiscal year to date for the related full eagle mortgagee. The HECM World Report takes that information and reports exactly the same information except the year to date information is based on the calendar year.

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