May blossomed beautifully for HECM endorsements, with the pace of growth so far this year increasing noticeably. Endorsement volume grew 16.9% to 2,460 loans.
But before we get too excited, it’s important to note that April case numbers issued were essentially flat, limiting the runway ahead for further or faster growth for the industry quite yet.
- Overall cases issued dropped -0.4% to 3,488 – mostly maintaining March’s recent high
- Equity Takeout (new borrowers) dropped -0.9%
- Purchase declined -0.5%
- Refinance rose 3.3%
Back to the endorsements, all 10 of the 10 regions increased volume!:
- Midwest leaped 29.8% to 161 loans
- Northwest/Alaska gained 28.6% to 198 loans
- Southeast/Caribbean rose 23.2% to 631 loans and taking the top monthly volume spot from Pacific/Hawaii for May
The top lenders as a group grew at a slower pace than the industry as volume broadened out, with just 5 of the top 10 adding volume:
- Longbridge rocketed up 176.6% to 354 loans – a recent record month after a disappointing April
- South River doubled up to finish with 86 loans
- Plaza gained 34.8% to finish with 62 loans
Click the image below for the full report.
