HECM endorsements rose 16.3% in August, with wholesale/brokers (25.3%) outperforming retail/direct (8.8%) substantially.
Eight of the top ten lenders were up on the month – although it’s very likely they all declined in September on the same basis…
- Fairway led the charge, jumping 65.5% to 293 loans
- Longbridge was just behind, increasing 53.1% to 1,447 loans – the first time in years we’ve had anyone but AAG in the top spot for even a single month!
- Liberty and RMF both gained 32-33% to finish in a tight race for #5
We’ve also been closely monitoring the case numbers issued report from HUD and August brought some encouraging news:
- Equity Takeout cases issued (new reverses that are neither purchase nor refinances) rose to 4,015 – the second highest level this year behind only March. That’s a positive indication that high home prices and inflation concerns are overcoming higher interest rates to drive strong appeal in the product.
- H2H refinance case numbers rose slightly to 1,054 – still well off their peak a year earlier and expected to decline further
- Purchase (H4P) matched the highest total of the year at 233. Way smaller than it should be but maybe a more balanced market is cracking the door open to unfamiliar loan options like HECM that can step in when buyers are otherwise looking at payments driven higher by 7% forward mortgage rates?
Several originators more than doubled in the month and show impressive growth year to date:
- Crosscountry leaped 500% to 24 loans in August, up 164% YTD
- Amerifirst Financial increased 275% in August and 172% YTD
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Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.