HECM endorsements overall were relatively steady in October, rising 8.3%, after a big fall in September, but retail/direct was up 14.3% while wholesale/brokers rose a more meager 1.3%.
The top 10 lenders were mixed, with 6 rising and 4 declining.
- RMF actually led the way, growing 40.7% in a partial recovery from their September low, although their bankruptcy filing at the end of the last month means we can expect this to drop quickly to zero over the next few months
- AAG, of the recently announced acquisition by FAR, perked up 34.8% to 840 loans
- Ennkar rebounded 29.2% to 31 loans
Case numbers issued fell again in October, dropping -10.7% to 4,168 loans.
- Equity Takeout cases issued (new reverses that are neither purchase nor refinances) fell to 3,426 – very similar to 8 of the 10 months of 2022 thus far
- H2H refinance case numbers dropped to 548 – the lowest level since July 2019
- Purchase (H4P) dropped back to 194, on par with June 2022
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- Leave rate sheet busywork behind with our Pricing Platform
- Find new reverse customers with the higher lending limits
- Contact us now to get a sneak preview of our Product Qualification API launching in Q1
Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.
