It’s always worth remembering that February is the shortest work month of the year, even when we’ve been expecting some drop in HECM endorsement volumes. With that said, the -6.1% decline last month doesn’t look bad and the overall level of 2,481 loans is higher than each of the 2 previous February totals since the Fed started hiking rates.
The regions were split yet again, with 5 of 10 rising despite the overall drop from January:
- Pacific/Hawaii led the way for both growth and overall volume, taking back the top spot from SE/Caribbean with a 9.1% jump to 662 loans
- NW/Alaska added 6.5% to 212 loans
- NY/NJ wasn’t in the top 3 for growth this month, but has now put together 3 consecutive months in the positive, quietly rising to its highest level since March 2023
The top 10 lenders had a harder time of it, with just 3 up on the month:
- Fairway leaped 125.7% to 158 loans, and lining up a credible challenge for top 5 ranking on this report in the near future if it can be sustained
- Plaza added 26.1% to 58 loans
- Liberty inched up 2.7% to 113 loans
Click the image below for the full report.
