HECM endorsements plummeted -43.5% in September, with both wholesale/brokers (-47.3%) and retail/direct (-39.8%) off dramatically from August.
The top 10 lenders fared worse collectively than the industry overall, dropping -45.5%.
- Only two of the top 10 declined less than 30% on the month
- Mutual of Omaha dropped -7.7% to 469 loans
- Open Mortgage fell -18.5% to 132 loans
Case numbers issued also fell in September, registering 4,667 in total, a new low for the year (110 cases below July)
- Equity Takeout cases issued (new reverses that are neither purchase nor refinances) fell to 3,592 – consistent with the rest of 2022 except March and August which look like outliers relative to expectations going forward
- H2H refinance case numbers dropped to 862 – the first month <1,000 of the COVID era
- Purchase (H4P) dropped back to 213, the same level as August
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Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.