HECM endorsements declined -1% in May to 2,296 loans, showing remarkable steadiness in the face of recent expected rate increases that reduce cash available at closing to borrowers.
The regions were mixed, with 4 of 10 posting increases and 1 unchanged:
- Rocky Mountain added 7.7% to 196 loans
- Mid-Atlantic rose 5.8% to 165 loans
- Southeast/Caribbean inched up 1.2% to 523 loans
The top 10 lenders were slightly better, with half rising on the month:
- Guild jumped 17% to 62 loans
- Longbridge gained 16.4% to 390 loans
- Goodlife rose 12.5% to 117 loans
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