Last month we weren’t depressed by incredibly low April HECM endorsement numbers, and this month we look at the figures as catching up rather than some new trend.
HECM endorsements more than tripled in May, leaping 214.7% to 5,038 loans. Averaging April and May figures together would have the industry at 3,320 loans per month, just under the February reading and well within the range of the past year (although on the higher end).
As such, we thought it would be more useful to compare the average of Apr/May to the average for prior 10 months than our usual month-over-month changes:
- 6 of 10 regions are above their Jun-Mar average
- Rocky Mountain leads the way, 26.1% above
- Midwest, Mid-Atlantic and New England are also at least 20% above
Doing the same comparison for top 10 lenders shows:
- Open Mortgage is 90.2% above their prior average
- Fairway has been consistently strong of late, now 62% above
- FAR narrowly edges others in the top group at 49.2% above
Click the image below for the full report.