December HECM endorsements grew 12.1% to 4,942 loans, marking the highest monthly volume since February. With the full year of 2014 now in the books, it looks almost decent with the exception of a nasty stretch from June-September that reflected the volume drops related to FHA’s 9/30/2013 changes to the HECM program (primarily the initial cash limits to borrowers).
Many regions and lenders finished the year strong:
- Four of the ten regions around the country increased 28% or more in the month, with Midwest leading the way at 31.8% and Southeast/Caribbean, Southwest and Rocky Mountain just behind
- One Reverse popped to their highest total of the year at 540 loans, good for second place on the month, while Reverse Mortgage Funding bounced back from a pause in November with 215 loans
The full year perspective saw a little different picture but still had bright spots:
- Only Pacific/Hawaii managed to grow from 2013 even though that was <1%
- AAG was the big story among lenders, almost doubling market share from 12.1% to 23.1%
If your company is FHA approved check out the rankings on page 5 of the report below. If your company is not FHA approved, watch out for our next edition of HECM Originators to find your ranking!
Click the image below for the full report.