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August was an ugly month for HECM endorsements, dropping -20.6% to the lowest level since June 2005. Wholesale/broker volumes dropped -26.3%, significantly more than the -16.2% decline in retail/direct business.
In spite of the tough sledding, there were still a few bright spots in the results.
HECM endorsements bounced back from a dismal showing in August, rising 15.5% to 3,762 loans. That’s still below last year’s pace of 4,527 loans, but the gap is at least narrowing compared to last month’s drop of over 2,000 loans from Aug 2013.
Through 9 months, 2014 is running -6% behind the pace from 2013 in […]
The top graph on page 1 of HECM Trends shows the past three years of HECM endorsement volume – right now it’s eerie how closely this year is patterning to 2012. Given that August 2014 volume checked in well south of August 2012 that pattern […]
HECM endorsments were down -1.7% in July, but broker/wholesale business rose 1.4% whereas retail/direct volume dropped -3.9%. A few notables:
Don’t forget to check […]
HECM endorsements for August underlined the dog days of summer, declining -20.4% to 3,256 loans. Applications and funding have turned the corner back up toward growth already so this is probably the low point for endorsements following last September’s principal limit factor reductions, but it’s not out of the question to bump along the bottom […]
Our last update for June endorsements before August totals come out next week, we’re looking again at HECM Trends.
We knew HECM endorsements for June were down -7.4%, and can now say that decline was felt in both retail, down -9%, and broker/wholesale, down -5.2%. That’s the bad news, but the good news is that we are seeing applications trend slowly but steadily upward for the […]
HECM endorsements rose 4.2% to 4,092 loans in July, up from the 18 month low reached in June. Seven of the ten regions we track were up, with two showing the highest totals in several months.
May’s HECM endorsement volume was down -15.6% from 2013 but up 1.5% from 2012. It’s tempting to say that 2014 will come in near 2012 totals, but the downside scenario is closer to 2005.
HECM endorsements rose 7.8% in May, but the big winners were retail lenders with volume up 12.2% compared to just a 2% rise for broker/wholesale volume. Retail is at 59% of industry volume, just short of the 61% reached in September and December last year.
