HECM endorsements dropped 1% in March to 4,535 loans. The fairly steady pace indicates that February’s big increase was more than a one month story of lenders “catching up” on endorsements from prior months.
There was significant divergence among regions, with only 4 of the 10 showing growth amid the small national drop.
- Mid Atlantic led the way with 27.6% growth in March, although it’s still down -31.3% from last year’s first three months
- Midwest grew 13.2% on the month but also shows a decline from last year
All the growth year to date is in 3 western regions as shown on pages 3 and 4:
- Northwest/Alaska is up 17.7% year to date with 744 loans
- Rocky Mountain is just behind at 17.6% growth with 802 loans
- Pacific/Hawaii is the largest region by volume but still managed 6% growth to 3,703 loans
- Southwest is the only western region posting a decline in Q1, down -12.1% with 1,447 loans
If your company is FHA approved check out the rankings on page 5 of the report below. If your company is not FHA approved, watch out for our next edition of HECM Originators to find your ranking!
Click the image below for the full report.