Happy Thanksgiving to everyone in every corner of the reverse mortgage industry! Hope everyone has fantastic feasts with family and friends.
September HECM endorsements dropped -18.8%, but as we typically see in volatile months for volume wholesale moved quite a bit more, dropping -26.2% compared to retail’s -11.6%. As usual though some companies bucked the trend.
HECM endorsements fell -7.3% in October to 4,332 loans. The continued decline shows the impact of Financial Assessment implementation earlier this year as the pre-implementation pipeline of loans has almost entirely worked its way through the endorsement process.
Surprisingly, 6 of the 10 regions we track actually increased on the month, but it’s hard to see […]
HECM endorsements hit a high water mark in August, reaching 5,749 loans. That was higher than 2013 and 2014 for August, and overall was the highest volume level since March 2013.
- California made a big jump as the top state in the country, up 30.5% from last year to 7,917 loans – […]
We’ve been talking for months now about the impending drop in HECM endorsement volumes resulting from FA, but now we know that September was the first month of that new era from the endorsements volume perspective. That makes this report our last (and highest) reading of volume pre-FA for HECM Originators.
As per usual (but […]
HECM endorsements dropped -18.8% to 4,671 loans in September, ending a very solid 3 month run of volume inflated by borrowers funding loans ahead of Financial Assessment rules going into effect. Those rules went into effect all the way back in April for new case numbers issued, but given the lag times associated with funding […]
HECM endorsement volumes took a breather in July, down -5% from June. Even with the decline, volumes remained above year ago levels and it showed in the increased growth rates for several areas:
- 8 of the top 10 states showed higher growth rates year to date compared with last year, with Florida leading […]
HECM endorsements fell -5.1% in July, but the channel split was more interesting than usual. Wholesale/brokered volume grew marginally while Retail/direct dropped -9.3%. That’s out of character for the typical pattern in which we see wholesale as more volatile than retail, but the real test comes when endorsement volumes are likely to fall (perhaps as […]
We’ve been waiting for Financial Assessment to bring down HECM endorsement volumes and we’ll have to wait at least one more month – but we’re betting that it will only be one more month.
HECM endorsements rose 14.3% to 5,750 loans, the highest level in more than two years (July 2013 @ 5,756). We’ve been talking for […]
HECM endorsements saw a big jump in June thanks to borrowers acting ahead of Financial Assessment implementation: applying and receiving a case number prior to April deadline, even through loan funding and endorsement happens later.
And we certainly saw some varied performance among states and cities:
- California continued to improve […]
HECM endorsements jumped 24% in June as borrowers rushed in before Financial Assessment rules would apply to their loans (all case numbers issued after April 4). This growth fueled solid gains for several top ten lenders:
- A full 8 of the top 10 lenders (page 2) grew by at least 10% in June, but #10 […]