HECM endorsements dropped -18.8% to 4,671 loans in September, ending a very solid 3 month run of volume inflated by borrowers funding loans ahead of Financial Assessment rules going into effect. Those rules went into effect all the way back in April for new case numbers issued, but given the lag times associated with funding and endorsing loans after case number issuance we’re just seeing the impact now.
- Nine of the ten regions we track saw volume decline in the month, with Rocky Mountain being the lone exception – and only by virtue of holding steady
- Interestingly, only two of the ten regions declined more than the national average. Northwest/Alaska shrank -38.5% and Pacific/Hawaii declined -31.7%.
Among lenders, just 2 of the top 10 advanced against the industry downtrend:
- Home Point (fka Maverick) jumped 38.6% to 122 loans
- AAG moved even further ahead of the field by climbing 1.6% to 1,239 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.