HECM endorsements dropped -35.7% to 2,573 loans. That is certainly a lot, but is actually very close to the average for Dec-Feb we discussed last month as a way of reducing the noise of the government shutdown shifting volume between those months. Now that we finally have a clean month it looks like the last five months on average have all been right around this month’s level.
- Pacific/Hawaii was least bad among regions, declining -18.6% to finish at 783 loans. The region was up 15.7% from the Dec-Feb average.
- Southwest had a big drop for the month, but still finished 10.1% higher than Dec-Feb average
- New York/New Jersey also lost ground but remained 7.5% above Dec-Feb average
Using the same perspective on lenders, a couple stand out:
- Liberty lost just -0.7% in March and finished up 36.4% from their Dec-Feb average
- One Reverse dropped more at -39.5% but stayed a respectable 15.6% above their Dec-Feb average
- Fairway managed a 12.9% gain on their Dec-Feb average in spite of losing -35.2% month over month
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.
