HECM endorsements dropped -2.1% to 2,153 loans in September, continuing a tight range of volume for the industry we’ve seen since June. There have only been 2 months since November outside the 2,105-2,274 level, but we are starting to see further evidence of case number issuance responding positively to the recent decline in interest rates.
- Total cases issued rose 7.1% to 3,683, the highest level in a year
- Equity takeout gained 6.5% to 3,019
- Purchase dropped -19% to 175
- Refi increased 25.7% to 489
We’ll expect this volume to continue trending higher as long as 10 year CMT remains at current levels or declines further.
Back on the endorsement side, we saw just 2 of the 10 regions bucking the overall decline in volume:
- Southwest bounced back 16.9% to 221 loans
- Southeast/Caribbean rose 5.7% to 541 loans, taking the top spot from Pacific/Hawaii for the month
The largest lenders showed a more positive story, with 6 of the top 10 lenders increasing loan counts:
- South River jumped 88.2% to 96 loans, their highest level since March
- Hightech gained 62.2% to 60 loans
- Liberty rose 17% to 103 loans
- Goodlife added 13.2% to finish with 86 loans
Click the image below for the full report.
