HECM endorsements rose 19.8% in January to 5,061 loans, the highest total since August. Just last month we speculated that volume would dip in the early part of 2014 – and so far at least we couldn’t be happier to be wrong.
Endorsements were up across the country with the exception of Rocky Mountain, with the biggest gains coming in Pacific/Hawaii (+269 loans) and New England (+59%).
Volume nationally was down 2.5% compared to last January, with just 3 of the 10 regions logging gains.
- Pacific/Hawaii was up an in incredible 62% (479 loans) in the highest month for the region since March 2011
- San Diego and Las Vegas both doubled their volume, up 126% and 117%, respectively
- Southeast/Caribbean declined 23% on the other end of the spectrum, with Tampa the lone bright spot
Several lenders had a big month as well:
- High Tech Lending more than doubled to gain the #10 spot
- Associated Mortgage Bankers rose 78% to rank #8
- Urban Financial rose 55% to #4
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