It’s been seven long months since we last published HECM Trends, and even longer since we’ve shown year to date growth on the report. We’re happy to break both streaks today with the April 2013 HECM Trends report.
Year to date HECM endorsement volume through April is up 10.2% compared to the same period in 2012. This is much better than the -27% decline shown a year ago and is accompanied by many areas of the top 10 lists showing growth instead of just one or two.
Among states, California grew 12.2% to maintain a sizeable lead on all other contenders in total volume, although Tennessee, North Carolina, Pennsylvania and Florida all trumped the golden state’s year over year growth rate. And while they tend to have a big advantage given their sheer size, the three coastal southern California counties of Los Angeles, Orange and San Diego also lead the top counties nationally for total volume. New York also puts in a strong showing with three of its own counties in the top 10, including Kings county with the fastest growth rate on the list.
We’re also starting to see some small rebound in active originators, with 716 origination companies having loans endorsed in the month (including non FHA approved TPOs), up 5.8% from a year earlier. All of the stats are likely to be affected by whatever changes FHA rolls out to the program in the next few months, but for now it’s good to see some positive volume signals showing up in endorsements after several years of mostly bad news on that front.
Check out the full report below by clicking on the image and learn more about what’s working now in reverse.