HECM endorsements dropped -6.3% in July, totaling just 3,534 and marking a new low for the year in two of the past three months.
Four of the ten regions were up on for the month, but none of those were among the top four by volume:
- New England was a bright spot, up 28%, but that was still the lowest recent level for the region except May and June
- New York/New Jersey inched up 5.6% to 265 loans
- Mid-Atlantic also rose 3.2% to round out the Eastern Seaboard bounce
Lenders showed an even leaner look, with just 3 of the top 10 bucking the industry decline:
- Reverse Mortgage Funding jumped 38.9% to 264 loans in a sharp recovery from last month’s drop
- RMS/Security One grew 22.5% to 87 loans
- Finance of America Reverse rose 7.2% to 298 loans moving back into second place on the month after briefly dipping to third in June
If your company is FHA approved check out the rankings on page 5 of the report below. If your company is not FHA approved, watch out for our next edition of HECM Originators to find your ranking!
Click the image below for the full report.