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June marked the midpoint of yet another year flying by way too fast with a bounce back to April levels for HECM endorsements. Overall volume dropped -14.4% to 2,105 loans.
Case numbers also showed a decline in the most recent month available (May), with all 3 loan purpose segments falling off.
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.
April continued the slow but steady rise in endorsements, with 2,105 loans representing a 2.3% increase from March. And yet again, we saw March case numbers issued trend higher there as well, continuing the streak of consecutive monthly increases so far in 2024.
If there’s one thing the low volume in case numbers issued the past few months tells us, it’s that endorsements will eventually follow suit. The well (cases issued) has been getting drier, and in February HECM endorsements (water) dropped -11.8% to 1,900 loans.
All of the regions were down on the month, with Pacific/Hawaii dropping the […]
HECM endorsements dropped -1.7% to 2,153 loans in January, as the new year started off with the same old drift lower for originations.
Half of the regions grew, but it had a decided bias as just 1 of the top 5 grew and it was number 5:
HECM endorsements dropped -3% to 2,190 loans in December, providing the resounding thud to a year those still in the industry will be happy to see the back of!
Four regions bucked the general malaise to end 2023:
HECM endorsements dropped -15.4% to 2,257 loans in November. We haven’t seen any case number issuance data since August, but it’s a fair bet that recent high 10 year CMT rates have significantly affected that leading indicator and behind the endorsement volume weakness.
The geographic mix was just one region away from a universal downturn:
HECM endorsements rose 2% to 2,667 loans in October, as the industry continues to feel the impact of several months of low case number issuance.
We don’t yet have September figures for case numbers issued, so the most telling indicator of future volume will have to wait for now.
The geographic mix was even more even than […]
HECM endorsements fell -12.3% to 2,614 loans in September, a result that was obviously coming based on recent case number issuance weakness.
The good news is that case number issuance jumped 18.5% in August, so there is reason for optimism looking forward.
The geographic mix looked particularly poor, as the top 7 regions all […]
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 […]
