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We already know that April HECM endorsements dropped off a cliff and recovered in May, which strongly suggested that April’s volume had a lot of other factors than a drop in HECM lending behind the decline.
We now have more detailed data to confirm just how noisy the month was, so rather than analyze it we’ll just publish our usual report for now and wait for detailed data on May to make a more substantive analysis.
HECM endorsements dropped a further -6.7% to 1,790 loans in September, the lowest total since April 2020. Last month we were wondering if decent case number issuance might pull the
HECM endorsements dropped -5.7% to 1,919 loans in August, the lowest total since February. We don’t have application data (HECM cases issued) beyond June yet, but we did see an
HECM endorsements dropped -1.5% to 2,034 loans last month, although the lender count dropped considerably more (-10.3%). HECM applications dipped slightly under 3,000/month in June, the first time we’ve seen
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