Happy New Year!
HECM endorsements finished off 2017 a little lower than November but still relatively high due to borrowers and lenders rushing to beat the deadline for higher borrowing limits for case numbers issued prior to October 2. A total of 4,765 loans were endorsed, down -0.4% from November, bringing the full year total to 56,912.
In a month that was basically unchanged there was a bit of jostling in the regions:
- New York/New Jersey was up 20.6% to 299 loans
- Great Plains was up 12.9% to 114 loans
- On the flip side, Rocky Mountain was down -15.5% to 447 loans
Among lenders the top 3 grew while the next 7 all shrank:
- Reverse Mortgage Funding rose 14.5% to 457 loans and their highest month of the year
- Finance of America grew 2.4% to 435 loans
- AAG inched up 0.8% to 1,141 loans
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.