Reverse mortgages took it on the chin in 2011. During the year, reverse mortgages volumes have suffered as a result of the continuation of declining home prices, regulatory changes and headline risk associated with high costs and stories where seniors have been taken advantage of as part of the process. Final numbers released from Reverse Market Insight show that volumes 35% during 2010, with 72,748 units being endorsed in 2010. The data for 2010 shows a significant drop in active lenders leading to increasing market share and volumes for lenders who have survived during the last few years. Volumes in December show that Wells Fargo remained the top lender by unit volume followed by Bank of America and MetLife rounding out the top 3.
For RMI’s full report, visit: here.