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We’d like to blame our business trip to the East Coast for our delay in getting this newsletter sent out, but in reality we’re still grieving over the US national team’s defeat in the World Cup despite a valiant defensive effort. Getting out of a brutal group stage was a big win, but it still […]
We had a discussion with a forward mortgage vendor this week who asked where the top reverse mortgage markets could be found. After discussing the balance between numbers of age eligible homeowner households vs. home values and appreciation, we realize we should have simply forwarded him this month’s HECM Trends report with two words: “sand […]
HECM endorsements declined -9.7% in April, but it was a tale of two business channels as retail/direct volume was flat but wholesale/broker volume declined -19.9%. We’ve seen this pattern of greater volatility on the broker side of the business over the years, but even so it’s rare to have the gap this wide.
HECM endorsements for May rose 7.9% to 4,498 loans, but still down -12.9% from last year.
In this edition of our HECM Trends report, we’re focused on geographies with growing dollar volumes of HECM endorsements around the country. Loan counts might be down -6.3% in Q1 compared to last year, but there are always sunny spots if you know where to find them (hint – on the bottom of page 2!).
Month to month HECM endorsement volume is always volatile, but the past few months have seen more than the usual jumps in lender rankings and performance. Blame the overall industry swings in the adjustment to FHA policy changes last year, which is also why overall volume was down -10.6% in March from February.
HECM endorsements totaled 4,170 loans in April, down -9.7% from March and the lowest level of the past twelve months. We’ve been suggesting for a couple months now that endorsements were
February HECM endorsements came in right between 2012 and 2013 volumes for the month, but we’re likely to see monthly totals below the 2012 line for several months on our page 1 HECM Trends chart before this year is over.
The good news is that there are always places around the country showing growth no matter […]
A second straight month of increased endorsements and now we know wholesale/broker volumes were ahead of retail too. Total HECM endorsements were up 2.1% in February, but that masked 12.4% growth in wholesale/broker volumes while retail shrank -6.3%.
We’ve seen this pattern before with more volatility in broker […]
HECM endorsements dropped -10.6% in March to 4,618 loans. That’s an even larger decline (-20.9%) compared to last March, although that’s partly because March 2013 was the highest volume month for the industry since June 2011 – back when Wells Fargo, Bank of America and Metlife were all three still endorsing loans. For now, we’re […]
