HECM endorsements fell -5.1% in July, but the channel split was more interesting than usual. Wholesale/brokered volume grew marginally while Retail/direct dropped -9.3%. That’s out of character for the typical pattern in which we see wholesale as more volatile than retail, but the real test comes when endorsement volumes are likely to fall (perhaps as early as Sep) due to Financial Assessment rules taking effect.
For now, on to the items of note in this month’s HECM Originators report:
- RMF grew 34.6% to 393 loans, good enough for #5 ranking for the month although One Reverse is still ahead on a trailing twelve months basis
- Cherry Creek increased 32.7% to 146 loans to continue a solid 4 month growth trend that has seen them more than double their March volume
- Urban jumped 23% to 764 loans – their highest since July 2013
Don’t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you’ll appear!
Click the image below to access the full report.