HECM endorsement volumes declined for the fourth month in a row, declining -5% to 4,273 loans in May. That’s the lowest level since September, but the good news is that it’s still higher than each of the four months ending last September. Industry volume has dropped noticeably from the recent peak in January but we’re not in danger of making new lows yet.
- Just 3 of the 10 regions we track were up last month, with #2 Southeast/Caribbean among them, but both Midwest and NY/NJ grew at faster rates
- Southeast/Caribbean also re-claimed the top spot for the month from Pacific/Hawaii – over the past 4 months the region has grown 3.7% while the industry overall shrank -13.6%
- Drilling into this region on page 4, we can see that several metro areas are up over last year including some of the largest: Miami, Atlanta and Tampa
Several lenders performed better than the rest of the industry in May:
- United Northern jumped into the top 10 for the first time, growing 23.3% from last month to 74 loans
- One Reverse maintained its vice like hold on the #2 ranking, rising 18% to 518 loans
- Last but not least, Live Well grew 7.5% to 173 loans – its highest volume on this report in over a year
If your company is FHA approved check out the rankings on page 5 of the report below. If your company is not FHA approved, watch out for our next edition of HECM Originators to find your ranking!
Click the image below for the full report.