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HECM endorsements declined -1% in May to 2,296 loans, showing remarkable steadiness in the face of recent expected rate increases that reduce cash available at closing to borrowers.
The regions were mixed, with 4 of 10 posting increases and 1 unchanged:
HECM endorsements bounced back 9% in April to 2,320 loans, after an expected drop in March from higher rates. We’re also starting to see more regular HECM data from HUD, so hopefully we’ll get a bit more updated read on case numbers issued in the near future (most recent published info is as of Jan […]
We’ve been expecting a decline in HECM endorsements for several months now after CMT rates spiked last Sep/Oct, and now we’re seeing that drop. HECM endorsements shrank -14.2% in March to 2,128 loans, only slightly above the lowest levels of the past 12 months last June and April.
The regions were almost universally negative, with just […]
It’s always worth remembering that February is the shortest work month of the year, even when we’ve been expecting some drop in HECM endorsement volumes. With that said, the -6.1% decline last month doesn’t look bad and the overall level of 2,481 loans is higher than each of the 2 previous February totals since the […]
HECM endorsements kept up the pace from last year’s finish, inching up 0.6% to 2,641 loans in January. It feels a bit like the industry is living on borrowed time from the brief decline in 10 year CMT rates last year, but it’s very hard to know what’s coming on an industry level without further […]
So long, 2024! It was a year of mixed signals for reverse mortgage volume as large forward lenders got more serious about the space and interest rates showed an encouraging trend, but ultimately ended in disappointing fashion with rates bouncing sharply higher since September.
HECM endorsements gained 9.1% to 2,626 loans in December, as loans continue […]
HECM endorsements inched up 0.7% to 2,408 loans in November, again illustrating the benefits of lower 10 year CMT rates a few months back. We’d expect perhaps another month or so of similar volume before the recent increases in that key rate exert their unfortunate gravity on these volume figures.
The regions were somewhat negative […]
HECM endorsements jumped 11.1% to 2,392 loans in October, breaking out of what had been a very tight recent range of volume for the industry. This was undoubtedly helped by lower 10 year CMT rates ahead of last month’s first Fed Funds rate cut in over four and a half year. Unfortunately, this key rate […]
HECM endorsements dropped -2.1% to 2,153 loans in September, continuing a tight range of volume for the industry we’ve seen since June. There have only been 2 months since November outside the 2,105-2,274 level, but we are starting to see further evidence of case number issuance responding positively to the recent decline in interest rates.
August HECM endorsements dropped -3.3% to 2,200 loans, furthering the back and forth we’ve seen with these volumes throughout the summer. The good news is that case number issuance responded positively to the decline in interest rates in July, rising 16.9% to 3,438.
