June marked the midpoint of yet another year flying by way too fast with a bounce back to April levels for HECM endorsements. Overall volume dropped -14.4% to 2,105 loans.
Case numbers also showed a decline in the most recent month available (May), with all 3 loan purpose segments falling off.
- Overall cases issued dropped -7.9% to 3,214, showing that April’s slight easing was no fluke after a hat trick of monthly increases to start the year
- Equity Takeout (new borrowers) dropped -4.8%
- Purchase declined -10.5%
- Refinance sank -27.5%
Returning to endorsement volumes, all 10 of the 10 regions dropped last month:
- Pacific/Hawaii held up best as the largest region, losing -2.6% to 594 loans
- Northwest/Alaska slipped -7.1% to 184 loans
- To stay with the theme, the smallest region shrank the most, with Great Plains off by -29.6% to just 38 loans
The top lenders avoided the same blackout as the regions, with 4 of the top 10 rising:
- HighTech gained 173.7% to 52 loans
- Guild rose 19.1% to 56 loans
- FAR regained its top spot by adding 4.1% to finish with 534 loans after 3 months behind Mutual of Omaha
Click the image below for the full report.
