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Dry Well – HECM Lenders Feb 2024

If there’s one thing the low volume in case numbers issued the past few months tells us, it’s that endorsements will eventually follow suit. The well (cases issued) has been getting drier, and in February HECM endorsements (water) dropped -11.8% to 1,900 loans.

All of the regions were down on the month, with Pacific/Hawaii dropping the least at -6.2% and Great Plains the most at -27.3%. It’s worth noting that the Pacific/Hawaii is the largest region and Great Plains is the smallest, so the historically stronger areas seem to be holding up better in this cycle than the minnows.

Lenders fared a bit better (per usual), with 2 of the top 8 gaining ground in the shorter month:

  • Goodlife continued their recent recovery, rising 38.3% to 65 loans
  • Longbridge also scored a win for the month, inching up 1.2% to 261 loans

Click the image below for the full report.