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HECM endorsement volume gained fractionally in May, up 0.4% to 3,359 loans. This is the biggest sign yet that HECM volume may have bottomed following the substantial program changes that took effect Oct 2, 2017.
The industry was mixed geographically in May, with 5 of the 10 regions showing gains:
In case you haven’t been paying attention these last few months, HECM volume is seriously hurting after the Oct 2, 2017 changes from FHA. Volume was down a further -22.2% in April to 3,345 loans.
The question now is whether this is the bottom for endorsements and based on funding data collected through our industry data […]
And now it’s clear that we’re in a post 10/2 world for HECM endorsements. Volume declined -17.3% to 4,300 loans in March, the lowest level since July. It will get worse before it gets better.
Eight of the top ten regions declined, with Pacific/Hawaii suffering the most – a level of symmetry given the region saw […]
It looks like the endorsement spike in January has already calmed down considerably, with HECM endorsements down -17.6% to 5,201 loans in February.
That’s still better than any month other than January in quite a while, but it’s only going downhill from here as 2018 plays out.
The 10/2/2017 FHA HECM product changes brought a surge of case numbers in September and now have brought a brilliant spike of endorsements to start 2018. January endorsements rose 32.5% to 6,313 loans, the highest monthly volume since March 2011!
We’ll see next month if that’s the peak endorsement month for this latest product change, but […]
Happy New Year!
HECM endorsements finished off 2017 a little lower than November but still relatively high due to borrowers and lenders rushing to beat the deadline for higher borrowing limits for case numbers issued prior to October 2. A total of 4,765 loans were endorsed, down -0.4% from November, bringing the full year total to […]
HECM endorsements rose 6.3% to 4,782 loans in November as we begin to see the effects of a surge in case numbers issued under the 2014 PLF curves. We fully expect many of those last minute applications will have a lower than usual pullthrough rate in fundings and endorsements, but we should see a couple […]
HECM endorsements were relatively flat in October, declining 2.1% from the prior month to 4,497 loans. Lender counts were also relatively unchanged, up 1.5% for the period.
Volume dropped in 6 of the 10 national regions, including the top three volume areas.
HECM endorsements dropped -6.8% in September, finishing at 4,592 loans. With the rule changes going into effect today not expected to significantly affect endorsement volumes until December or even January, we’re also getting a clearer picture of where 2017 is likely to end up.
7 of the 10 regions nationwide dropped, with all 3 of […]
We’re pretty sure everyone reading this already knows about the changes HUD announced Tuesday, but if not you should definitely check them out.
So once you pick yourself up off the floor, the good news is that HECM endorsements rose 15.8% in August to 4,927 loans. Small consolation, but at least the rear view mirror […]
