September HECM endorsement numbers were down -3.7% from last month to 5,590. The number of active lenders continues to decline but has started to bottom out in the low 200’s per month, so we’ve likely seen most of the impact from FHA’s lender approval changes already baked into these numbers.
While we continue to trend lower than last year on the volume side for the third straight month, what’s starting to emerge from the monthly numbers is the sense of clear winners from the exit of BofA (Wells hasn’t really affected these numbers yet). On the list of winners, Metlife, Genworth and Security One come out near the top given their dramatic jumps since the first quarter.
Regionally, 7 of the 10 regions increased in September in contrast to the overall down month nationally. As we commented upon previously, the highest volume markets lagged: the bottom 6 regions increased 118 units while the top 4 dropped 335, even after accounting for a small increase in Pacific/Hawaii.
- Northwest/Alaska had the largest unit volume increase, up 33 units or 12.0%
- Rocky Mountain had a slightly higher percentage increase, up 12.6% or 29 units
Click on the image below for this month’s report.