HECM endorsements dropped -14.3% to 3,679 loans, as it felt like everyone caught up on 2 years of vacation this summer. The drop is a bit concerning given the industry had been above 4,000 loans for 8 consecutive months, but it remains to be seen if this will be a momentary endorsement blip.
The regions were in pretty rough shape, with just the smallest managing a gain:
- Great Plains rose 20.5% to 53 loans
- Rocky Mountain slipped -6.9% to 500 loans
- New England dipped -8.6% to 85 loans
Lenders were a bit better, with 3 of the top 10 increasing volume:
- Mutual of Omaha jumped 45.6% to 316 loans
- Longbridge gained 34.2% to finish with 157 loans
- Fairway rose 15.7% tp 118 loans
Click the image below for the full report.
