HECM endorsements dropped a further -7.6% in May, with lender volume again falling more than brokers on the month. Retail/direct lenders dropped -8.2% while the Wholesale/broker channel declined -6.9%.
After 2 full years without an in person NRMLA conference, we just completed our second in 3 months in Baltimore. Business casual reigned and moods relaxed, with a recurring theme to many conversations about how to replace H2H refi volume that’s largely disappeared in the face of higher rates.
Here’s a link to our opening presentation on that same theme, and feel free to reach out if you want a more personalized walkthrough!
Back to the numbers!
Despite the industry’s drop, 2 of the top 10 lenders gained volume on the month:
- RMF rose 16.7% to 614 loans, bouncing back to 3rd place for the month
- Mutual of Omaha increased 9.1% to 515 loans, also leaping a place to 5th for May
Looking further down the list, Midwest Equity Mortgage had the highest growth rate in May among the top 50 originators, rising 183% to 17 loans. This brings their year to date growth rate to 850%, good for second place among those same 50.
If you’re still looking for ways to grow your volume outside H2H, check out growth ideas beyond refis.
Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.