HECM endorsements were down -12.2% in February’s short month, with both channels dropping almost identical amounts. It’s the fourth straight month of clean sweep declines, although we already know March broke that streak.
Half of the top ten lenders were up in February despite the overall decline:
- Goodlife/TMAC followed up a strong Jan by rising another 39% to 82 loans
- South River bounced back 29.3% to 53 loans
- Longbridge gained 11.7% to 410 loans
Case numbers continued their recovery as well, growing 11.5% to 3,555:
- Equity Takeout cases issued (new reverses that are neither purchase nor refinances) rose 5.3% to 2,827
- Purchase (H4P) leaped 50.4% to 209, the highest level since September
- H2H refinance case numbers were up for a second straight month, gaining 42.6% to 519
If you’re searching for ways to turn things up in 2023, check out the links below:
- Leave rate sheet busywork behind with our Pricing Platform
- Find new reverse customers with the higher lending limits
- Add qualified borrowers to your prospect list!
Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.