April 21, 2015
HECM endorsements fell -4.5% in February, but brokers bucked the trend with an increase of 4.7% while the retail channel declined -11%.
Several lenders also rose in spite of the overall industry decline:
- Live Well Financial jumped 40.8% to their highest level in over a year
- One Reverse Mortgage grew 8.7% to 500 loans without any help from broker business
- Liberty Home Equity, Reverse Mortgage Funding, and Urban Financial each grew 7% in the month
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!
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April 1, 2015
HECM endorsements for March declined -2.3% to 4,640 loans from last month.
Endorsements are always a trailing indicator for our industry, and on that basis refinances continued to increase to the highest level since Feb 2010 as the effects of August’s PLF increase play out.
Using case numbers issued as a leading indicator, refinances have already declined significantly, down -42.7% from the peak in October.
- 8 out of 10 regions were down on the month, including the largest: Pacific/Hawaii
- Southeast/Caribbean increased 21.1% to 1,033 loans – just 12 loans shy of taking the top spot for the month
- Several top ten lenders bucked the downward trend, including AAG (+2%), Liberty Home Equity (+47.7%), Proficio (+15.5%) and Maverick (+20.9%, now more than doubled over the past two months)
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.
March 17, 2015
It’s always fun to look at year to date results for the first month of the year because we’re effectively comparing January with last January. On the one hand, any single month comparison is noisy and potentially misleading since endorsements are typically less managed than applications or funding. On the other, it’s useful to think about how much the industry has changed in the past 12 months. In the latter spirit (but keeping the former in mind), here goes:
- January was down -2.3% from the prior year, which is almost the same as the -2.5% drop from 2013 to 2014 for the month
- Florida was the fastest growing state among the top 10, rising 15.2% and rising back above Texas to claim #2
- Baltimore and Las Vegas both had massive growth figures at 100% and 85.7%, respectively, but top ranked Los Angeles impressed with 23.8% as the largest city for HECM volume
We’re excited to announce a new interactive tool that allows you to pinpoint HECM activity all the way down to zip codes by lender. Contact us today for a demo!
Check out all the top states, cities and zip codes nationwide in the full report below by clicking the image below.