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HECM endorsements increased 3.4% to 2,420 loans in September, continuing a second consecutive month of low production levels. The last time volume was lower than Aug-Sep was during the lingering effects of a partial government shutdown in January.
The regions were mixed, with 4 reporting gains and 6 declining:
HECM endorsements dropped -15% in August to 2,341 loans, throwing a little cold water on the industry after 6 months of relatively optimistic endorsement volumes eased concerns over Dec-Jan readings <2,000 loans per month. This could easily be a blip given the lower interest rates easing lenders’ path to higher principal limits, but that’s always […]
HECM endorsements rose 8.2% in July to 2,754 loans. Lower interest rates on the 10 year swap rate in particular help HECM volume, plus an extra business day in July never hurts.
Here’s the regional breakdown:
Three of the top ten […]
HECM endorsements dropped -5.6% in June, lending further support to the idea that 2,500 endorsements per month is the default volume setting for the industry right now. Some regions looked better than others:
HECM endorsements dropped -7% in May, reinforcing the lumpiness and uncertainty around HECM volumes after an encouraging April tally. Most of the larger regions declined but a few of the lower volume regions built on April gains:
HECM endorsements grew 12.7% to 2,901 loans in April after several months of noisy data due to the government shutdown and a seasonal slowdown at the end of 2018. Combined with the highest HECM case number issuance level in March since last August (strongly correlated with applications for HECMs), reverse is looking fairly positive as […]
HECM endorsements dropped -35.7% to 2,573 loans. That is certainly a lot, but is actually very close to the average for Dec-Feb we discussed last month as a way of reducing the noise of the government shutdown shifting volume between those months. Now that we finally have a clean month it looks like the last […]
HECM endorsements rocketed 142.7% higher to 4,002 loans, but it’s hard to feel too excited about it given part of that might be catch-up from January’s government shutdown. Regardless, it’s a good test of who in our industry is an eternal optimist vs. a more stoic realist approach – we already know the pessimists left […]
HECM endorsements dropped -5.8% to 1,649 loans, but it’s hard to honestly know what to make of that given the noise introduced by the government shutdown. HECM loans were not endorsed during the shutdown, so from December 22-January 27 we have a big gap in activity.
The January total surely represents more loans that we’d normally […]
HECM endorsements dropped -31.4% to 1,751 loans in December, establishing a second consecutive low point after the FHA product changes took effect in October 2017.
