August was a bit of a lost month for HECM endorsements, as we saw volume drop -14.1%. Some combination of summer vacations, endorsement lag times, and slowing business activity. Pick your favorite order.
Which makes this a good month for other aspects of our HECM Originators report that don’t always show up:
HECM endorsements rose 2.8% in July to 4,276 loans. Wholesale declined for a fourth straight month, dropping -1.7% while Retail bounced back 5.9% from a poor June showing.
Lenders fared better in the rising tide, with 6 of the top 10 lenders increasing volume.
HECM endorsements dropped -4.2% in June to 4,158 loans. Wholesale declined -2.1% to outperform Retail (-5.6%) for the first time in 5 months.
That subtle shift in channels showed up powerfully in lender performance, although once again just 3 of the top 10 lenders gained on the month.
HECM endorsements rose 3.8% in May, with Retail (+10.7%) outperforming Wholesale (-5%) for the 4th consecutive month.
Only 3 of the top 10 lenders increased volume in May, but putting that together with Retail dominance should make the top performing lender no surprise:
HECM endorsements dropped -0.8% in April as Retail outpaced Wholesale yet again. Retail grew 2.5% to 2,357 loans while Wholesale declined -4.7% to 1,825 loans.
Half of the top ten lenders increased volume on the month:
HECM endorsements rose 3.7% in March as Retail outpaced Wholesale, 4.1% to 3.3%.
Several top 10 lenders recovered well from a poor February:
HECM endorsements dropped -10.3% in February, as Wholesale/broker volume fell -12.8% and Retail/direct was slightly better at -8.1%. Each channel and the industry overall are almost identical to their December totals.
Several lenders managed to buck the downturn though:
HECM endorsements rose 10.7% in January, with Wholesale/brokers pacing 14.1% growth while Retail/direct managed 7.8%.
Several lenders in the top ten marked impressive gains on the month as well:
HECM endorsements ended the year with a bang, but now we know that Wholesale/brokers led the way by rising 28% to Retail/direct channel’s 15.2% growth on the month.
To put the channels into context, Retail is actually 12.2% above its average from Jan-Nov whereas even […]
HECM endorsements dropped -9.4% in November, with both Retail/direct and Wholesale/brokers declining more than -9%.
In spite of the balance between business channels, 4 of the top 10 lenders actually grew in the month:
