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 upturn in HECM counseling sessions in August that reversed three consecutive months of decline. If that trend keeps up, then perhaps better endorsement numbers are loading?
Just two of the ten regions grew HECM endorsement volume for the month:
- SE/Caribbean added 5.4% to 429 loans and a near tie with Pacific/Hawaii for the top spot on the month
- Midwest inched up 1.1% to 184 loans
- NY/NJ was the best of the decliners, losing -1.8% to finish with 111 loans
The top 10 lenders did slightly better, with 3 rising in July:
- Mutual of Omaha gained 3.7% to 395 loans
- Fairway grew 1.7% to 59 loans
- Longbridge also bounced 1.7% to 357 loans
As usual, the full lender rankings and volume is in the full report if you click on the image below.
