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.
to view more from the RMI HECM Lenders report.