Report Finds HECM Endorsements More Than Triple In May
June 2, 2020
Home Equity Conversion Mortgage (HECM) endorsements more than tripled in May 2020, jumping 214.7% to 5,038 loans, according to the latest Reverse Mortgage Insight HECM Lenders report. This figure is just under the February reading, and is greater than the April and May average of 3,320 loans.
All of the nation's 10 regions saw an increase in HECM endorsements, with the Rocky Mountain Region seeing the largest average percent change at 48.3%. The Northwest/Alaska territory followed with an average change of 48%. In addition, six of the 10 regions are above their June-March averages.
American Advisors Group led the group of top 10 HECM lenders, jumping from 537 endorsements in April 2020, to 1,726 endorsements in May 2020. Open Mortgage is 90.2% above their prior average, according to the report. Fairway Independent Mortgage Corporation has been charging forward and is now 62% above their previous average.
RMI stated that it is looking at these numbers as catching up, rather than a new trend, in HECM endorsements.
Click here to view more from the RMI HECM Lenders report.
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