mortgage volume continued to drop in November, according to new data. However, many of the top reverse markets saw slight increases in volume.
Home Equity Conversion Mortgage endorsements dropped to 3,891 loans in November, down from October’s total of 3,919, according to Reverse
Mortgage Daily. However, among the top 10 regions tracked by Reverse
Market Insight, five reported higher volumes month over month.
The New York/New Jersey region saw the biggest spike in volume last month with a 26.9% increase to 307 loans, according to Reverse
Mortgage Daily. But the region’s volume is still 34% down from the same period in 2015.
The Mid-Atlantic region saw a 12.1% increase from October. However, it’s down 31.6% from this time in 2015.
The Rocky Mountain region, meanwhile, posted the biggest monthly decline, with endorsements falling 24.4%, according to Reverse
Mortgage Daily. However, the region is still up 7.5% year-over-year.
Reverse leaders call for industry-wide data collection effort
Reverse mortgages hit 1-million loan milestone