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After a big improvement last month, HECM endorsements declined slightly in April to finish at 5,770 loans, down -1.2% from March. That figure was still good enough for 2nd highest in the past 12 months, behind only last month.
Regional volumes were mostly down, with 6 of the 10 regions declining.
HECM endorsements climbed 20.8% in March to their highest level since June 2011. That date is significant, in that it was the last month Wells Fargo was fully active in the industry, although their endorsements were reflected for a few more months after their exit announcement. Either way, it’s a significant hurdle for the industry […]
HECM endorsements declined -6.9% in February after a surge in January, but stayed well above the average for the prior 11 months at 4,833 loans.
Some regions of the country were more affected than others by the small decline, while others broke the trend to increase from January:
In the first report of 2013, HECM endorsements were up 32.6% to 5,189 – the highest level we’ve seen since last February. It’s possible that the increase was due to a catch up from prior months that were depressed due to FHA system issues, but in any event it puts a rather welcome positive note […]
It’s perhaps fitting that December HECM endorsement totals came in at 3,912 loans, down -11.8% from November and registering the 4th month below 4,000 loans in the past 6. That brings total 2012 calendar year (as opposed to federal fiscal year that FHA uses) endorsements to 52,992, down -22.9% from 2011.
The industry endorsements increased 18.5% for the month of November, coming in at 4,436 vs the 3,745 reported last month. This marks the best month since June.
Geographically speaking, all regions were up relative to October, a feat not matched since… June.
We’re just as curious to hear what FHA will announce as you are, and while we think there are some reasonable options available to address concerns about full draw requirements on the fixed rate product, the big wild card seems to be FHA’s mutual mortgage insurance fund health and specifically the financial health of the […]
HECM volumes took it on the chin in September, dropping -10.6% from August. Retail (-11.1%) and Wholesale (-9.9%) fell by similar percentages, with the drop of First National Bank of Layton from Retail due to their previously announced exit likely made the difference between the two.
Continuing the trend of companies capitalizing on lender exits, Proficio […]
HECM endorsements for October totaled 3,745, growing a paltry 1.1% from the low registered in September. This wasn’t a large enough increase to even beat the July reading, so October goes in the books as the second lowest volume month since July 2005.
Among geographic regions, 5 were up and 5 were down:
Last month in this space we talked about three cities where average home values were growing for HECM loans, and this month we’ll follow that up with three cities gaining in total maximum claim amounts (MCA) year to date.
