February HECM endorsements dropped -10.7% to 5,153 loans after a roaring start to 2022, yet held above 5,000 loans per month for the third straight month and four of the last five. It looks too soon at this point to call January an anomaly, but if we ignore that there’s remarkable consistency around the 5,000 loan level now after questions most of last year if the industry could maintain 4,000.
All 10 regions were down, but comparing to last March shows where growth has taken hold:
- Southwest is up 91.4% from March 2021
- Rocky Mountain has gained 51.5%
- Northwest/Alaska increased 39.8%
Diving a bit deeper, we can see states and metros that led the growth:
- 26 of the 86 field offices HUD tracks had at least 100 loans in Jan-Feb 2021
- Of those, just 12 grew faster than the industry average of 26.9%
- Boise/Idaho rocketed 95.6% YTD
- SLC/Utah jumped 84.1%
- San Antonio rose 83.6%
If you’re wondering how you can attract more of the industry’s increasing volume wherever you are, check out our HECM Neighborhood Widget to engage every visitor to your website!
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