HECM endorsements dropped considerably in September, but remained above 2013 and 2014 levels for the same month. Thanks to the past 4 months industry volume is running 13% ahead of last year’s first 9 months, but the tough comparisons are ahead: just as volume picked up in Q4 last year, this year we’re expecting to see the lowest monthly levels of the year in the wake of financial assessment implementation.
Notwithstanding the gloomier forecast for endorsements, several areas continued to increase their gains from last year in September:
- Florida still has much lower volume than California but can boast a higher growth rate at 35.7% year to date
- California is now up 35.6% from last year, up 5 points just from last month
- Arizona’s growth rate jumped over 6 points from last month, up to 14.7% after a more sluggish start to the year
Several other areas also showed impressive results in the big volume month, so be sure to check out the full report by clicking the image below
