HECM endorsements rose 6.3% to 4,782 loans in November as we begin to see the effects of a surge in case numbers issued under the 2014 PLF curves. We fully expect many of those last minute applications will have a lower than usual pullthrough rate in fundings and endorsements, but we should see a couple more months of elevated volume before declining to significantly lower monthly totals in the wake of 2017 PLF curve reductions.
But enough with the gloom! Here’s how it looked around the industry last month:
- 7 of 10 regions were up on the month, 2 declined and the largest region (Pacific/Hawaii) managed to come in exactly on top of the October total
- New England is a small volume region but led the way in percentage growth, up 23% to 171 loans
- Great Plains was up 18.8%, just ahead of Rocky Mountain (+18.1%) and Southeast/Caribbean (+17.2%)
Among lenders the story was similarly broad increases:
- 8 of the 10 largest lenders rose in November, led by ReverseMortgages.com, which rose 61% to 95 loans and finally knocked RMS out of the top 10
- Synergy One built further on their growth story, growing 22.8% to 350 loans – their highest monthly total yet
- And it’s not often you see the largest lender post a big percentage increase but AAG managed just that, jumping 15.2% to 1,132 loans after a disappointing October
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.