HECM endorsements were down -3.8% in September, and TPO/Wholesale fared worse than Retail/direct volumes. If we put that together with what we already know about Wells and BofA exiting and where theirvolumes are by state, what can we expect in the next few months?
A big part of that story can be found in applications per business day, which since April have been trending down compared to last year.
When comparing applications to endorsements (and ignoring the distortion from last September’s application rush ahead of PL reductions), we should expect a continued decline in endorsements year over year given the pattern of applications thus far.
Against this national trend lower, we continue to see some states and cities buck the trend:
- North Carolina continues to perform well, while New Jersey, New York and Texas are all up modestly year to date
- Among counties, Philadelphia, Nassau and Suffolk in NY, and San Diego and Orange in CA are all benefiting this year
- Philadelpia, San Antonio and San Diego are all up double digits among cities from last year
Click on the image below to view the full HECM Trends report for this month.