We’ve been expecting a decline in HECM endorsements for several months now after CMT rates spiked last Sep/Oct, and now we’re seeing that drop. HECM endorsements shrank -14.2% in March to 2,128 loans, only slightly above the lowest levels of the past 12 months last June and April.
The regions were almost universally negative, with just 1 managing to increase volume for the month:
- Mid-Atlantic gained 10.7% to 145 loans, recovering part of the large drop from Jan to Feb
- Midwest muddled through with just a -5.6% decline to 170 loans
- New England dropped -9.2% to 109 loans
The top 10 lenders also barely avoided a blackout:
- Hightech jumped 29.3% to 53 loans, their highest since September
- South River eased -1.5% to 66 loans
- Mutual of Omaha gave back -2.1% to finish at 476 loans
Click the image below for the full report.
