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HECM endorsements grew 5.4% in December, led by Wholesale/broker rising 7.4% while Retail/direct managed 3.8%.
The year as a whole was notable for the sustained rise in HECM to HECM refinances as increasing home prices and low interest rates fueled a surge in resetting existing loans to allow more access to cash and/or lower accrual rates […]
HECM endorsements jumped significantly higher in October, and now we know that Wholesale/Broker volume powered 23.2% compared to 12.3% growth for Retail/Direct.
We talked plenty about top 10 lender performance highlights in our Lenders post for the month, but originators that aren’t FHA approved lenders are what makes this report different:
September saw a return to normal for HECM endorsements, with loan count rising 17.6% after a disappointing August to full recover to the tight range seen before that. Wholesale/broker volume rose 16.6% to hit the highest level in more than a year (likely surpassed in October) while Retail gained 19.3% to leave it just shy […]
August was a bit of a lost month for HECM endorsements, as we saw volume drop -14.1%. Some combination of summer vacations, endorsement lag times, and slowing business activity. Pick your favorite order.
Which makes this a good month for other aspects of our HECM Originators report that don’t always show up:
HECM endorsements rose 2.8% in July to 4,276 loans. Wholesale declined for a fourth straight month, dropping -1.7% while Retail bounced back 5.9% from a poor June showing.
Lenders fared better in the rising tide, with 6 of the top 10 lenders increasing volume.
HECM endorsements dropped -4.2% in June to 4,158 loans. Wholesale declined -2.1% to outperform Retail (-5.6%) for the first time in 5 months.
That subtle shift in channels showed up powerfully in lender performance, although once again just 3 of the top 10 lenders gained on the month.
HECM endorsements rose 3.8% in May, with Retail (+10.7%) outperforming Wholesale (-5%) for the 4th consecutive month.
Only 3 of the top 10 lenders increased volume in May, but putting that together with Retail dominance should make the top performing lender no surprise:
HECM endorsements dropped -0.8% in April as Retail outpaced Wholesale yet again. Retail grew 2.5% to 2,357 loans while Wholesale declined -4.7% to 1,825 loans.
Half of the top ten lenders increased volume on the month:
HECM endorsements rose 3.7% in March as Retail outpaced Wholesale, 4.1% to 3.3%.
Several top 10 lenders recovered well from a poor February:
HECM endorsements dropped -10.3% in February, as Wholesale/broker volume fell -12.8% and Retail/direct was slightly better at -8.1%. Each channel and the industry overall are almost identical to their December totals.
Several lenders managed to buck the downturn though:
