We knew HECM endorsements for June were down -7.4%, and can now say that decline was felt in both retail, down -9%, and broker/wholesale, down -5.2%. That’s the bad news, but the good news is that we are seeing applications trend slowly but steadily upward for the past few months in our repository data, and lenders are also starting to roll out new jumbo reverse products.
We haven’t yet seen the fundings make a lot of improvement yet from the higher application volumes but that will eventually show up in these endorsement figures. The jumbo reverses, however, won’t show up at all in endorsements or other publicly available data but only in our Weekly Product Trends report to subscribers. Contact us for a free sample and pricing.
Some lenders of course did better than others in June:
- Liberty Home Equity Solutions bounced back to 496 loans from 371 in May
- RMS/Security One showed the highest volume since February at 482 loans
- One Reverse rose to 425 loans in one of the steadiest displays among major lenders over the past 12 months
Don’t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you’ll appear!
Click the image below to access the full report.