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HECM endorsements grew 6.3% in November, the first sign of additional case numbers issued under pre-Oct 2 rules showing up in endorsement volumes. Retail lenders were strongly represented, with volume up 13.7% compared to October while Wholesale dropped -1.9%.
Many of the largest lenders showed an even larger bump in volume:
HECM endorsements slid -6.7% in September after bouncing back in August, with Retail performing significantly better (-4.6%) than Wholesale (-9.1%).
The largest lenders showed a trememdous spread in performance:
HECM endorsements rose 15.8% in August after a sharp decline in July, with growth balanced well across Retail and Wholesale. Both gained by double digits and ended just above their June totals.
Among lenders growth was similarly broad based, with all of the top 9 (exc. RMS) showing >10% growth:
HECM endorsements dropped in July -12% in July, with Retail taking the heavier hit at -13.6% and Wholesale declining -10.4%.
HECM endorsements declined -0.3% in June, but Retail/direct grew 0.8% to 2,530 loans while Wholesale/broker dropped -1.6%.
5 of the top 10 lenders grew their volume despite the small industry decline, with a huge spread between the top and bottom results:
HECM endorsements declined -3.6% in May, continuing to slowly recede following the spike in March. After holding up better in April the Wholesale segment accounted for much of May’s decline, dropping -6.7% compared to Retail/direct at just -0.6%.
We also saw several big lenders rising in the month, with 7 of the top 10 posting gains:
April brought the obligatory drop in endorsements after the big month in March, with volume falling 6% to 5,034 units. That is still good enough for the 2nd highest volume month in the last 12 months, and 4th highest in the past 2 years.
March saw the biggest HECM volume month in quite some time, rising 21.2% from February. This month’s edition of HECM Originators gives us a little more insight into that strength:
Lenders and originators […]
HECM volume dropped -3.5% in February to continue the modest decline from the recent high water mark reached in December. What’s notable is how different the two business channels look:
HECM volume started the year off a touch below the recent high water mark from December but still well above the 2016 monthly average. We can now see that Retail has shown significantly more strength the past two months, including a 2.4% increase in January.
