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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 […]
HECM endorsements declined -12.1% to 4,254 loans. That drop completed the round trip back to February volume levels after a large increase in March, although staying slightly above the monthly average from last year.
HECM endorsements dropped -0.4% to 4,837 loans. That’s neutral at best on the face of it, but it’s surprising that just 1 of the 9 regions grew in June:
Among lenders, the top 10 collectively gained 1.5% […]
HECM endorsements dropped again in May, down -3.6% to 4,854 loans. This was a smaller drop than April and paints a picture of gradual decline from the March high.
For context, it’s also above any other month from September 2015 through February 2017 so still a step above where the industry has been since financial assessment was implemented.
On that […]
