Reverse mortgage endorsements fell as HMBS issuance rose in March

In March, the endorsement data indicated a drop in Home Equity Conversion Mortgages (HECM) activity, with nine of the top ten lenders seeing decreases. This trend is attributed to the spike in the 10-year Constant Maturity Treasury (CMT) index. However, HighTechLending reported a notable increase of 29.3%, reaching a monthly total of 53 loans. Mutal of Omaha Mortgage led with 476 loans but saw a slight decline. The industry gained clarity as HUD resumed publishing reverse mortgage performance reports, revealing a significant drop in applications, underlining the impact of rate increases.

Leaders at RMI anticipate lower endorsement volume levels due to an increase in the 10-year CMT index, reflected in March's data where most lenders saw declines.

HighTechLending was a standout in the declining market, achieving a 29.3% increase in endorsements, marking its highest monthly total since September.

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