HECM Originators – Dec 2022

HECM endorsements overall were down -14.8% in December, with Wholesale/brokers (-14.9%) and Retail/direct (-14.8%) in virtual lock-step for the second month in a row.

Four of the top ten lenders managed to grow in spite of the industry decline:

  • South River increased 10% to 77 loans
  • Longbridge gained 9.3% to 492 loans, approaching AAG’s total for the month as the first real challenge to the longstanding #1 in many years
  • Mutual of Omaha was just behind, rising 5.6% to 471 loans
  • Last but not least, Open Mortgage rose 2.9% to 105 loans

Case numbers lost another -18.8% in December:

  • Equity Takeout cases issued (new reverses that are neither purchase nor refinances) fell -19.5% to 2,282 – a new 3 year low
  • Purchase (H4P) dropped back to 135, as seasonality and general declines both appear to have hurt this small segment
  • H2H refinance case numbers dropped to 273, a confirmation the refi wave is well and truly in the trough

If you’re searching for ways to turn things up in 2023, check out the links below:

Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.