HECM Applications See Slight Uptick in August With Steady Saver Growth

HECM applications rose 3.9% in August to 7,940, marking an 18% year-over-year decline when compared with August 2010, the latest Federal Housing Administration Outlook from the Department of Housing and Urban Development shows.

Total HECM endorsements were up 5.3%, with HECM Saver endorsements rising more than 8% during the month, from 496 in July to 536 in August.

Chart: HECM Saver Market Share 2011

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HECM Saver Market Share 2011

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Despite ups and downs for endorsements throughout the year, the HECM Saver, as a proportion of total HECM endorsements, has increased steadily since January (see chart) and now comprises more than 9% of total endorsements.

View the August FHA Housing Outlook.

Written by Elizabeth Ecker

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  • It is expected that the applications for September will be miserable compared to last year.   With Bank of America and Wells gone and no real pressing reason for borrowers to get their applications done before October 1, this will be THE weakest start to a new fiscal year of endorsements in many years.  Some are wondering if total endorsements for calendar year 2012 will reach 60,000 endorsements. There seems to be a good chance they will not.

    Different than this year and last, most lenders should experience growth next year even though the industry total endorsements will shrink.  

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