HECM endorsements dropped a further -6.7% to 1,790 loans in September, the lowest total since April 2020. Last month we were wondering if decent case number issuance might pull the endorsement totals off these lows, and at least last month it was a resounding “no”. It is striking that cases issued continues to be solidly in the ~3,000/month range for the most recent 3 months (May-July) with endorsements this low, and it seems unlikely to continue diverging.
Just one of the ten regions escaped the decline this month:
- Southwest bounced back 16.3% after a weak August to 192 loans
The top 10 lenders did significantly better, with half avoiding the drop:
- Movement doubled up 105.9% to 35 loans and an appearance at #10
- Plaza jumped 46.4% to 41 loans
- South River added 12.5% to 63 loans
- Fairway gained 10.2% to 65 loans
As usual, the full lender rankings and volume is in the full report if you click on the image below.
