HECM endorsements were down -10.8% in January, as Retail/direct dropped -9.4% and Wholesale/broker declined -12.8%. It’s the third straight month of clean sweep declines, with both channels losing altitude together.
Three of the top ten lenders grew their business to start the year:
- Goodlife/TMAC jumped 73.5% to 59 loans
- Fairway rose 30% to 234 loans and their strongest showing since August (when the industry was more than twice its January size)
- FAR gained 25.4% to 306 loans
Case numbers bounced back in January, adding 18.4% to 3,186:
- Equity Takeout cases issued (new reverses that are neither purchase nor refinances) rose 18.1% to 2,690
- Purchase (H4P) were up 2 to 137, basically flat in what is typically the slowest season for home sales
- H2H refinance case numbers rose to 359, as higher lending limits could not overcome the rise in rates and resulting lower proceeds available to borrowers
If you’re searching for ways to turn things up in 2023, check out the links below:
- Leave rate sheet busywork behind with our Pricing Platform
- Find new reverse customers with the higher lending limits
- Add qualified borrowers to your prospect list!
Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.
