February is always a short month with fewer working days, but last month also marked another new low for HECM volume in the wake of higher interest rates and slowing home prices.
HECM endorsements dropped -12.2% to 2,185 loans – the lowest total in 4 full years if we exclude the COVID-induced lull in April 2020.
Just 1 of the 10 regions managed a gain in the month:
- New England grew 12.3% to 91 loans
- New England also has the distinction of shrinking the least since March 2022, losing -37% compared to Rocky Mountain losing -76%
Four of the top ten lenders gained ground:
- Goodlife/TMAC gained 43.9% to 59 loans
- Longbridge bounced back 23% to 300 loans
- Open Mortgage rose 5.3% to 60 loans
- AAG added 4.7% to 468 loans
Click the image below for the full report.