A month ago we were lamenting the RMF bankruptcy news and with Ginnie Mae’s extinguishment of RMF as an HMBS issuer, it’s now clear that the industry got two lumps of coal for the holidays.
December HECM endorsements dropped -14.9% to 2,786 loans – the lowest total in 3 full years if we exclude the COVID-induced lull in April 2020.
Just 2 of the 10 regions managed a gain in the month:
- Great Plains rose 18.6% to 51 loans
- Mid-Atlantic gained 4.4% to 142 loans
Three of the top ten lenders gained ground:
- Longbridge jumped 9.2% to 321 loans in a continued recovery from their September decline
- Mutual of Omaha continued the steadiest trend of the year, increasing 5.5% to 463 loans – within 2 loans of where they started in January which is quite the accomplishment considering the industry dropped -51.7% in that span
- Open Mortgage inched up 2.9% to 106 loans
Click the image below for the full report.