HECM endorsements rose 6.4% to 2,980 loans in August, another post-November high (if we exclude March’s unnaturally boosted figure from corporate actions).
We note that endorsements are higher, but case numbers issued have been falling for several months now and this is simply unsustainable. The easy bet here is that endorsements fall in the next month or two, given there were more endorsements this month than case numbers issued in July for just the Equity Takeout segment.
The geographic mix slipped a bit from last month, with just 6 of the 10 regions posting higher totals:
- Rocky Mountain powered 30.5% higher to 287 loans
- Southeast/Caribbean rose 19.8% to 773
- Northwest/Alaska gained 18.6% to 262
We’ve consolidated AAG and FAR starting with this report, which puts the combined company well in the lead for both August and the past 12 months. Just 4 of the top 10 lenders enjoyed the growth seen in the industry totals:
- Goodlife came roaring back, rising 500% to 54 loans
- Mid America jumped 70.4% to 46 loans
- Fairway gained 34.5% to 148
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