April HECM endorsements fell -48.2% to 1,963 loans, as the noise from multiple corporate transactions in March dropped back out of these results. Judging by the drop under 2,000 loans on the endorsement side, the February increase in case numbers issued is still working its way through the system – and we don’t have March or April cases data to confirm any upturn yet either.
With that said, the remaining lenders in the industry had a much better performance as AAG represented 106% of the April decline!
All 10 regions were down on the month:
- Pacific/Hawaii saw the smallest decline at -36.5%, as the biggest region kept the industry headline from being even worse
- Rocky Mountain was down -37.9% and continues in third place only on last year’s strength as Southwest has been higher every month so far in 2023
- Great Plains brought up the bottom of the list, dropping -66.2% and just 25 loans
Lenders had a much happier story, with 6 of the top 10 registering gains:
- Fairway leaped 70.5% to 133 loans
- Cherry Creek gained 59.5% to 126 loans, its highest monthly volume since June 2022
- FAR rose 31.3% to 189 loans
Click the image below for the full report.