Market Insight (RMI), reverse mortgage
originations declined in January to the lowest levels in more than a year. Most of the decline came in the retail segment of the business, which fell 12.9% from December. Wholesale fell by less than a point.
According to RMI, just 2 of the top 10 lenders posted gains in the month:
- Liberty HES showed a huge 285% jump, which RMI attributed to catching up in endorsements from the prior two months
- Home Point grew 8.6% to 114 loans
- Synergy One, starting small, posted growth of more than 10,000% January to January, and will be among the top 10 soon if growth continues
In other news, Alpha Mortgage Corporation, headquartered in Wilmington, NC, added reverse mortgage
s to its product offerings this month. The company has not issued a press release or posted information about its new reverse products on its website, but a company spokesperson did confirm the news.
Alpha, founded in 1983 with 3 employees, has grown to more than 90 employees in 5 North Carolina cities. In addition to reverse mortgage
s, it has specialized in jumbos and super jumbos, offering mortgages up to $3 million.
According to a report just released by