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September HECM endorsements hit lowest level since April 2020
HMBS issuance also fell 17% in September to $446 million, according to data tracked by RMI and New View.
September HECM endorsements declined 6.7% to 1,790, the lowest level since April 2020, according to Reverse Market Insight data cited by HousingWire.
HousingWire reports that HMBS issuance fell 17% to $446 million in September, with FOA leading volume.
HousingWire also notes that case numbers, which represent submitted applications for new HECM loans, had been running in a range of about 3,000 per month from May through July, before many applicants dropped out of lender pipelines, contributing to fewer closed-loan endorsements.
The outlet said the top HECM lenders for September included Finance of America with 408 endorsements, Mutual of Omaha Mortgage with 366, and Longbridge Financial with 342, followed by Fairway Home Mortgage with 65 and South River Mortgage with 63.