December 2, 2014
HECM endorsements declined -9.1% in November to 4,410 loans but retained most of the big gains from October. Given this somewhat expected pullback we’re not expecting 2014 to exceed 2012’s calendar year total of 52,993 as that would take a December volume of 5,181 loans which would be the highest so far this year and seems unlikely although not totally out of reach.
Most of the top 10 lenders declined, except these three who bucked the trend:
- Maverick Funding jumped 25% to 115 loans and their largest total in the past 12 months, although RMF’s rise helped push them down from #8 last month to #10
- Live Well grew 11.2% to 119 loans and also set a new high for their past 12 months
- Liberty Home Equity was flat at 314 loans to retain the #4 ranking
Check out pages 3-4 for metro areas with more loans this year in spite of the national decline.
If your company is FHA approved check out the rankings on page 5 of the report below. If your company is not FHA approved, watch out for our next edition of HECM Originators to find your ranking!
Click the image below for the full report.
November 24, 2014
One of the interesting items (among many!) in our HECM Trends newsletter is the year over year comparison of HECM endorsement volumes at the top of page 1. In this month’s version, you can see that September came in right on top of 2012’s total which is interesting given that year is the benchmark for whether 2014 will set a new low in calendar year volumes.
What’s not apparent here yet but will be next month, is that October comfortably exceeded both 2012 and 2013 totals, which puts 2014 back in the running to equal or exceed 2012’s total. More news to come there!
This month’s spotlight turns to Sacramento, CA as a growing city in spite of the national downturn. Despite a long history of reverse lenders being headquartered or keeping an office in the area, it’s a relative newcomer to the ranking tables with over $28 million in total Max Claim Amount for loans written year to date – an increase of $4.95 million from last year.
That volume has been pretty spread out across the city and among several lenders, but if you haven’t originated there recently take another look at this hidden performer!
Check out all the top states, cities and zip codes nationwide in the full report below by clicking the image below.
November 23, 2014
Just as a rising tide lifts all boats, so the increase in HECM endorsements in September spread the growth virtually identically across the Retail/direct and Wholesale/TPO channels. The overall industry grew 15.8% to 3,762 loans after the disastrous levels reached in August, with Wholesale gaining 15.9% to Retail’s 15.6%.
- Liberty more than doubled, up 132% to 552 loans and the highest level since April (page 3) on the back of a doubling of retail loans (page 4)
- AAG grew an impressive 36% considering they were already more than double the nearest competitor last month
- Generation perked up 26% as they close out their pipeline of fundings to be endorsed
Don’t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you’ll appear!
Click the image below to access the full report.