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HECM endorsements dropped dramatically in May to 3,646 loans – a full -14.1% decline from April. That’s the lowest monthly total since August 2014 as the industry struggled with the implementation of initial utilization restrictions.
All 10 regions of the country were down in the month, but 4 of the top 10 lenders improved:
HECM endorsements fell -6.4% to 4,243 loans in April, continuing the decline from a year ago which now totals -8.4% through the first four months. In spite of that dour news, some lenders have risen above:
HECM endorsements dropped 1% in March to 4,535 loans. The fairly steady pace indicates that February’s big increase was more than a one month story of lenders “catching up” on endorsements from prior months.
There was significant divergence among regions, with only 4 of the 10 showing growth amid the small national drop.
HECM endorsements rose 17.7% in February to 4,579 loans, putting a disappointing January result in the rear view mirror. Concerns about post-FA volume levels look a little less scary coming off the highest volume since September.
The volume growth was strong in 9 of the 10 regions we track across the nation and several lenders did […]
Looks like the coast might not be clear quite yet in the wake of Financial Assessment. HECM endorsements fell -8.1% to 3,890 loans in January after a small December increase. That puts FA impact at -32.3% decline from the (admittedly somewhat artificially inflated) August high volume level.
Of course, that didn’t stop some regions and lenders from […]
HECM endorsements rose 5.2% in December to 4,233 loans after three consecutive months of decline. That’s encouraging although based on the data we’re seeing from lenders participating in the industry data repository, fundings have been mostly flat for the past three months so it’s hard to imagine any significant endorsement uptrend in the immediate future.
That […]
HECM endorsements dropped -7.1% in November to 4,023 loans defying (for now) our prediction from a few months back that we’d see volume below 4,000 loans in a month due to financial assessment. We’re happy to be wrong and we’ll be happier when we see these numbers start to rise again!
A few notable performances stood out:
HECM endorsements fell -7.3% in October to 4,332 loans. The continued decline shows the impact of Financial Assessment implementation earlier this year as the pre-implementation pipeline of loans has almost entirely worked its way through the endorsement process.
Surprisingly, 6 of the 10 regions we track actually increased on the month, but it’s hard to see […]
HECM endorsements dropped -18.8% to 4,671 loans in September, ending a very solid 3 month run of volume inflated by borrowers funding loans ahead of Financial Assessment rules going into effect. Those rules went into effect all the way back in April for new case numbers issued, but given the lag times associated with funding […]
We’ve been waiting for Financial Assessment to bring down HECM endorsement volumes and we’ll have to wait at least one more month – but we’re betting that it will only be one more month.
HECM endorsements rose 14.3% to 5,750 loans, the highest level in more than two years (July 2013 @ 5,756). We’ve been talking for […]
