No HECMs were endorsed in October, so November’s figures are inflated relative to a normal month due to the delays resulting from the government shutdown. With that said, we are assuming Nov includes 2 months of data and thus halving all totals for purposes of this commentary but you can see the raw figures in the PDF linked below.
HECM endorsements dropped -11.7% in Oct/Nov to 1,953 loans (on average), although it’s possible there is still some endorsement backlog to come in Dec that could mean that’s a conservative interpretation.
The regions were generally lower in keeping with that topline drop, with just 2 of the 10 showing gains:
- Mid-Atlantic rose 7.6% to 156 loans
- New England added 4.3% to 97 loans
- Both of those regions are on the smaller side and it’s worth noting that all 5 smallest regions outperformed the top 5, with NY/NJ almost managing a gain
The top 10 lenders matched that geographic performance, with just 2 rising:
- Fairway gained 9% to 79 loans
- Goodlife/TMAC rose 5.3% to 109 loans
- Unlike the regions, the lenders were more mixed as the two gainers ranked #4 and #6, while the nearest miss was Mutual of Omaha, the largest originator in the past 12 months
Click the image below for the full report.
