HECM endorsements rose 5.4% in August to 5,807 loans, Reverse Market Insight reported this week. Still down year-over-year and awaiting what RMI predicts will be some fallout following Wells Fargo’s departure from the business in June, RMI points to the “bright side,” namely that volume was up in nine of the ten regions it tracks.
This, RMI reports, indicates a relatively broad-based rise. Regionally, the Mid-Atlantic saw a 13.4% increase and New England saw nearly as much growth at 13.3%. Year-to-date, the Rocky Mountain, Southwest and Great Plains regions are experiencing growth near 10%.
Competition growth in August also saw an increase, of 7.6%, with 19 new active lenders.
View the RMI report.
Written by Elizabeth Ecker