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Luminate Bank posts 47% jump in HECM endorsements
The Minneapolis-based lender logged 211 Home Equity Conversion Mortgage endorsements from January through August, up 47% from the same period last year.
HousingWire reports that Minneapolis-based Luminate Bank saw a 47% rise in Home Equity Conversion Mortgage endorsements this year, citing Reverse Market Insight data.
The outlet says Luminate recorded 211 HECM endorsements from January through August, which the report describes as a gain in market share in a reverse mortgage space dominated by legacy players.
HousingWire adds that Luminate attributes the growth to outreach to financial planners and Realtors, aiming to frame reverse mortgages as a wealth management tool for affluent seniors.
The report also describes the lender’s “concierge” approach after a mortgage executive team acquired the bank in 2020, combining mortgage lending with depository services, including a stated 3.5% savings offer.