HECM endorsements fell -7.1% in November and the wholesale/retail split diverged substantially
- Wholesale dropped -18.3%, marking the third month in a row of faster declines than Retail as the industry dropped in the wake of Financial Assessment implementation
- Retail posted 1.6% growth to bounce off the low levels from October
The disparity is even greater when comparing the cumulative effect of the past three months. Wholesale is down -44.9% from August volume levels, while Retail is down a comparatively small -15.8% over the same period.
As you might expect given the business channel differences, several top lenders bucked the overall industry trend:
- Live Well jumped 54.2% to 293 loans and their third highest volume level so far in the year
- One Reverse Mortgage rode retail strength to 357 loans for a 12.6% gain in the month
- Reverse Mortgage Funding eked out 0.4% rise to 272 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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