HECM endorsements for August underlined the dog days of summer, declining -20.4% to 3,256 loans. Applications and funding have turned the corner back up toward growth already so this is probably the low point for endorsements following last September’s principal limit factor reductions, but it’s not out of the question to bump along the bottom for another month.
- All 10 regions were down from July, with the biggest decline coming from the smallest region (Great Plains) at -44.5% and Mid-Atlantic weathering the storm best with just a -3.3% drop
- Proficio eaked out an increase despite the overall slump, rising 15.4% to 135 loans
- One Reverse continued its consistent monthly performances with a 5.4% increase to 392 loans
If your company is FHA approved check out the rankings on page 5 of the report below. If your company is not FHA approved, watch out for our next edition of HECM Originators to find your ranking!
Click the image below for the full report.