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 HECM to HECM refinance figures heading up, with 8% of all loans falling into this category for December, up 39% from Dec 2013 (which was itself more than quadrupled from Dec 2012). This is mostly a case of home price recoveries impacting the market, but the August 2014 PLF changes did increase available cash to recent borrowers and does seem to be elevating refinances in the Q4 volumes.
We’re excited to announce a new interactive tool that allows you to pinpoint HECM activity all the way down to zip codes by lender. Contact us today for a demo!
Check out all the top states, cities and zip codes nationwide in the full report below by clicking the image below.
