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HECM Lenders – June 2024

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.