August was a bit of a lost month for HECM endorsements, as we saw volume drop -14.1%. Some combination of summer vacations, endorsement lag times, and slowing business activity. Pick your favorite order.
Which makes this a good month for other aspects of our HECM Originators report that don’t always show up:
- Open Mortgage is growing wholesale volume significantly, rising 1,101 loans in the past 12 months (second only to 1,114 wholesale loans added by longtime top wholesaler FAR). They’re doing it by capturing 36% of the volume from brokers they’re doing business with, again second only to FAR.
- South River Mortgage has grown Retail volume by 1,202 loans in the same period, riding the immense surge in H2H refi activity
- 55 Places is a great example of HECM for Purchase success. More than doubled YTD to 40 loans with the vast majority being purchase rather than refi. Great job!
See the full report below by clicking on the image.
