HECM endorsements totaled 4,170 loans in April, down -9.7% from March and the lowest level of the past twelve months. We’ve been suggesting for a couple months now that endorsements were headed lower based on application and funding volumes since the FHA changes on 9/30/2013 and now we’re here.
- Eight of the ten regions we track were down for the month, with Pacific/Hawaii and Rocky Mountain as the exceptions
- Pacific/Hawaii is also the only region with higher volume year to date 2014 vs. 2013, led by Las Vegas metro (66.7% growth)
- Four of the top ten lenders increased volume despite the overall decline but the big story there is AAG hitting 1,194 loans to rocket to the top of the rankings – more than doubling the next largest lender (One Reverse with 409 loans)
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