August HECM endorsements dropped -3.3% to 2,200 loans, furthering the back and forth we’ve seen with these volumes throughout the summer. The good news is that case number issuance responded positively to the decline in interest rates in July, rising 16.9% to 3,438.
- Equity takeout gained 14.5% to 2,840
- Purchase jumped 50.3% to 215 cases
- Refi increased 20.8% to 383
The regions were more mixed, with 5 of the 10 adding volume on the month:
- New England leaped 21.7% to 101 loans
- Great Plains added 9.8% to 45 loans
- Southeast/Caribbean was the biggest region to rise, up 6.2% to 512 loans
Meanwhile, just 4 of the top 10 lenders managed an increase:
- FAR jumped 7.3% to 509 loans
- Guild gained 10.2% to 65 loans
- Mutual of Omaha rose 4% to 517 loans (and #1 on the month)
- Longbridge inched up 0.7% to 285 loans
Click the image below for the full report.
