The National Reverse Mortgage Lenders Association (NRMLA) compiled these 2008 year-end statistics about Home Equity Conversion Mortgage production:
- Overall unit volume of federally insured HECMs was 115,176, up 6.4% from 2007 volume based on data released in December by the Department of Housing and Urban Development.
- 2,949 lenders endorsed a loan in 2008, a 76.5% increase over the prior year*.
- The Southeast/Caribbean region finished out the year in the top spot, capturing 25.3% of the industry volume*.
- Three regions had endorsement growth greater than 20% in the year: Southeast/Caribbean at 21.3%, Southwest at 29.8%, and Rocky Mountain at 25.3%*.
- New England and Pacific/Hawaii regions' production each declined more than 10% from 2007*.
*Based on a detailed analysis of HUD data conducted by Reverse Market Insight, Inc.