The reverse mortgage market continues its uneven recovery after taking a sizable hit from program changes issued last year.

The latest HECM Originators report from analytics provider Reverse Market Insight shows that endorsements were up 7.4% to 3,087 loans in October.

The data follows a bumpy trajectory that has been the pattern as of late, with volume rising 9.8% in August, then falling 9.9% in September, and then rising again in October.

RMI President John Lunde told HousingWire that if October’s data continued the decline seen in September, it might be a sign of trouble.

But instead the month closed out with positive gains, indicating that September’s dip was simply a reaction to word of possible program changes and not a sign of true distress.

Both retail and wholesale channels showed gains in October, with retail up 7.9% and wholesale up 6.7%

Eight of the top 10 lenders also posted gains, with One Reverse Mortgage leading the pack with a 24.7% uptick. Synergy One Lending followed with a 17% gain, and Fairway Independent Mortgage came in third with a 13.2% rise.

Lunde said the uneven recovery is likely to continue for some time as the market adapts.

“Our next year or two looks like a slow creep upward,” he said, “with plenty of bumps along the way.”