HECM endorsements dropped -9.9% to 2,874 loans in September, narrowly missing out on a new monthly low from the product changes one year earlier.
- The decline was broad based, with very little difference between Retail (-9.8%) and Wholesale (-10.1%)
- That said, Retail did set a new low at 1,695 loans which might suggest less of an interest in reverse by relatively larger FHA approved lenders compared to relatively smaller brokers in the wake of last year’s changes
A full 7 of the top 10 lenders declined in September with just 3 showing gains:
- Liberty grew 52.8% to 324 loans and their highest month since March
- High Tech increased 7.8% although its 55 loans were still the second lowest in the past 12 months
- Longbridge added 3.1% to 131 loans
Click the image below to access the full HECM Originators report including the most comprehensive originator rankings available on page 4.