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HECM endorsements declined -3.1% in April to 4,497 loans from March. The decline was fairly broad based and reflects some weakness in fundings during the first months of the year.
Two months into the year HECM endorsements are down -5.5% from last year’s comparable period and slightly less so from the weak start in 2013. This early in the year things can shift around considerably and February was no exception.
HECM endorsements fell -4.5% in February, but brokers bucked the trend with an increase of 4.7% while the retail channel declined -11%.
Several lenders also rose in spite of the overall industry decline:
HECM endorsements for March declined -2.3% to 4,640 loans from last month.
Endorsements are always a trailing indicator for our industry, and on that basis refinances continued to increase to the highest level since Feb 2010 as the effects of August’s PLF increase play out.
Using case numbers issued as a leading indicator, refinances have already declined significantly, down […]
It’s always fun to look at year to date results for the first month of the year because we’re effectively comparing January with last January. On the one hand, any single month comparison is noisy and potentially misleading since endorsements are typically less managed than applications or funding. On the other, it’s useful to think about […]
HECM endorsements were relatively flat across both retail (+0.2%) and wholesale (-0.5%) in January, leading to a steady overall industry volume picture. As always though, there was movement in the rankings below the headline number.
HECM endorsements for February declined -4% to 4,747 loans from last month and dropped a bit more, -8.1% from a year ago.
HECM endorsements finished down -13.1% for the calendar year 2014 at 52,949 loans. That decline was expected with the initial utilization restrictions implemented late last year by FHA, but the good news is that 2014 finished on an upswing. Both October and December exceeded both 2013 and 2012 figures.
One trend we’ve been seeing lately is the […]
Retail led the increase in HECM endorsements for December, up 14.7% to 2,867 units compared to 12.1% rise for the industry overall. Wholesale grew somewhat slower, up 8.7% in the month.
January saw HECM endorsements mostly flat from December, rising just 0.1% to 4,946 loans. It’s a decent way to start off the new year, but as seems to always be the case we’re expecting the biggest story for volume this year to be related to an FHA change in the program. Financial Assessment rolls out in […]
