Reverse mortgage update

According to a report just released by Reverse 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 mortgages 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 mortgages, it has specialized in jumbos and super jumbos, offering mortgages up to $3 million.