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Home»Real Estate»The top 10 reverse mortgage lenders of 2024
Real Estate

The top 10 reverse mortgage lenders of 2024

January 8, 2025No Comments2 Mins Read
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Reverse Mortgage Industry Insights for 2024

As we bid farewell to 2024, it becomes evident that interest rates were the primary challenge faced by reverse mortgage professionals throughout the year. Performance metrics from Reverse Market Insight (RMI) shed light on the industry’s landscape.

Despite a slight decline in total annual Home Equity Conversion Mortgage (HECM) volume, there were significant shifts in the top 10 Federal Housing Administration (FHA)-approved retail-based HECM endorsements leaderboard. Mutual of Omaha Mortgage emerged as the new leader, surpassing Finance of America (FOA) by 203 HECM endorsements.

FOA’s endorsement volume dropped by approximately 25% compared to 2023, but this data excludes its private-label reverse mortgage origination volume, primarily driven by its “HomeSafe Second” product. FOA made adjustments to HomeSafe Second in late 2024, reducing the interest rate and expanding to new states.

In contrast, Mutual of Omaha experienced a 12% growth in volume in 2024. The company introduced a broker protection program and remained active in the Funding Longevity Task Force. However, Mutual of Omaha faced legal action from Longbridge Financial for alleged deceptive marketing practices.

Notable Industry Movements

Ellington Financial, Liberty Reverse Mortgage (now part of the Onity Group), and Fairway Independent Mortgage Corp. maintained their positions on the leaderboard. South River Mortgage saw a significant increase in volume after transitioning to a direct lender in late 2023.

Guild Mortgage acquired Cherry Creek Mortgage, with a focus on expanding their reverse mortgage division. HighTechLending rebranded its wholesale channel as American Senior Lending, showing a 6% growth in endorsement volume. Open Mortgage exited the reverse mortgage space in 2023 to focus on forward third-party originations.

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