2024 is in the rearview mirror, and with many mortgage experts citing interest rates as the main challenge defining the year, performance metrics seem to reflect that.
The mortgage industry’s annual total Home Equity Conversion Mortgage (HECM) volume is down, but there was some shuffling among the top players on the industry’s leaderboard for retail-based HECM recommendations. Data from January to December was compiled by Reverse Market Insight (RMI).
| Level | Company in 2024 | Company in 2023 | Change of Level |
| 1 | Omaha reunion | American Finance | Joint +1 |
| 2 | American Finance | Omaha reunion | FOA -1 |
| 3 | Longbridge Financial share price | Longbridge Financial share price | Hold on |
| 4 | Liberty Reverse/PHH | Liberty Reverse/PHH | Hold on |
| 5 | The Fairway | The Fairway | Hold on |
| 6 | Good life | Open a Mortgage | Goodlife +1 |
| 7 | South River | Good life | South River +7 |
| 8 | Guild Mortgage | Guild Mortgage | Hold on |
| 9 | The Plaza | Cherry Creek | Plaza +3 |
| 10 | HighTechLending | HighTechLending | Hold on |
The new top player
The biggest difference from last year’s leaderboard is that Mutual of Omaha Mortgage he passed American Finance (FOA) as the leading reverse mortgage lender in the country, according to data from RMI. Companies are divided by 203 HECM approvals between January and December.
RMI data shows that compared to 2023, total FOA underwriting volume was about 25% lower, but missing from this data is the volume of proprietary, reverse private label loans. FOA has been heavily promoting its “HomeSafe Second” product for most of the past two years, since re-launching the product to the market following a hiatus during the COVID-19 pandemic.
FOA also announced changes to HomeSafe Second late last year, including lowering the interest rate from 9.99% to 9.49%, as well as the rollout in four new states: Arizona, Nevada, Oregon and Utah, apparently scheduled for 2025.
Mutual of Omaha, on the other hand, had an eventful year in terms of increasing its volume by 12% compared to 2023. In 2024, the company launched a new seller protection program, and will continue to participate Funding the Longevity Task Force that was renewed in April 2024.
But the company was also named in a lawsuit brought by another leading creditor, Longbridge Financial share price. Mutual of Omaha allegedly engaged in deceptive marketing practices based on review websites that Longbridge claimed belonged to Mutual of Omaha.
The company has yet to respond to the allegations, but a deadline for a response is coming up later this month, and court documents show the companies are trying to find a solution.
Another movement
Based on the data, the companies in the third to fifth positions hold their positions on the leaderboard from 2023. Parent from Longbridge Ellington money always praises the performance of the reverse lender despite the market turmoil, especially with the reverse ownership activity of guaranteeing the ownership of the property.
Liberty Reverse MortgageThe parent company has completed its rebranding to The Onity Groupwhich is expected to work on Liberty itself in the coming months. And the company reported improved mortgage use in 2024 as it weathered headwinds in the forward and reverse sectors.
In early 2024, Fairway Independent Mortgage Corp. he rejoined National Reverse Mortgage Lenders Association (NRMLA) after the previous leadership exited the organization in 2021. Fairway also reshaped its mortgage division with a new leadership structure, and saw a key backlash join NRMLA’s board of directors.
Below are the top 10, South River Mortgage has seen significant annual volume growth in 2024 since its December 2023 transition from broker to direct lender. According to RMI data, South River has seen a 319% year-on-year increase in confirmed capacity through 2024. The president of the company spoke to him. HousingWireReverse Mortgage Daily (RMD) last year about some of its guiding business principles.
Anyway Cherry Creek Mortgage again Guild Mortgage appearing separately in the top 10 leaderboard in 2023, the Guild actually acquired Cherry Creek that year for a small portion of its returning asset class, according to Guild CEO Terry Schmidt.
Rounding out the top 10 in 2024 was HighTechLendingwhich has renamed its channel as wholesale American Senior Lending after real estate giant David Peskin bought an ownership stake in the company early last year. HighTech increased its approval volume by 6% year over year, according to RMI.
The only company not to return to the leaderboard this year is otherwise Open a Mortgagewhich closed its loan division in late 2023 before shifting its focus entirely to third-party originations in August 2024.
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