HECM endorsements declined -2.3% to 2,243 loans in June, as May proved to be an one month blip. As we have seen so many times in the past, the Wholesale/broker channel accounted for virtually all the volatility – dropping -6.9% after jumping 11.4% in May, while Retail/direct chugged along at 1.6% growth in June following 0.3% in May.
HECM case numbers issued shrank for the second month in a row, falling -10.4% to 3,020:
- Equity Takeout lost -8.6% to 2,502
- Purchase gave back -10.6% to 152
- Refis slumped -21.5% to 366
The top 10 lenders had a rough month as well, with just 3 of 10 adding volume on the month:
- Fairway jumped 41.8% to 95 loans, their highest total since Feb
- Mutual of Omaha rose 28.5% to 582 loans, the most of any lender in June and further heating up the battle for the top spot in these rankings (and really top 3 are very tight)
- South River grew 1.8% to finish with 56 loans
Our top originator rankings on page 4 show some great performances year to date as well:
- LoanDepot is up 438% with 242 loans, good for #9
- West Capital Lending has grown 333% from Jan-Jun 2024
- Mortgage South of Tennessee jumped 185% to 37 loans
Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.
