Home Equity Conversion Mortgage (reverse mortgage) endorsements continued to climb in August, rising 9.8% from July, according to the latest data from Reverse Market Insight. While there was growth seen across all channels, most notably was a 12.1% increase in wholesale endorsements. The wholesale channel allows the broker community to “shop” for borrowers and ultimately find the best deal for their consumers and place the HECM with various wholesale lenders.
This continued growth of HECM endorsements in the wholesale channel after the surprising October 2017 changes to the program, emphasizes the fact that consumers are getting better service, better pricing, and an all around better experience through local mortgage brokers who specialize in reverse mortgages.
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