July HECM endorsements rose 9.4% to 2,802 loans, the highest level since November if we exclude March’s unnaturally boosted figure from corporate actions.
The geographic view reflected the bright results too, with 8 of the 10 regions showing improvement:
- Midwest jumped 27.7% to 221 loans
- New England rose 22.1% to 105 loans
- Mid-Atlantic trailed just behind, gaining 22% to 161 loans
- All 3 of the largest regions also added volume on the month
Loans continue to be endorsed under AAG for the second month, and when coupled with FAR put the combined total well ahead of the chasing pack for the second month running. Somewhat curiously given the regional strength, just 3 of the 8 top continuing lenders showed growth in the month:
- Goodlife tripled from a lower point in June
- Mutual of Omaha increased 20% to 599 loans
- Longbridge gained for a third straight month, up 16.3% to 285 loans
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