August was an ugly month for HECM endorsements, dropping -20.6% to the lowest level since June 2005. Wholesale/broker volumes dropped -26.3%, significantly more than the -16.2% decline in retail/direct business.
In spite of the tough sledding, there were still a few bright spots in the results.
- Cherry Creek jumped 42.2% to 91 loans
- Proficio grew 14.5% to 134 loans
- One Reverse Mortgage managed a gain of 5.4% to 392 loans
Don’t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you’ll appear!
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