Download your October 2016 Top 100 Retail HECM Lenders Report Here.
This Report Does Not Include Broker or TPO Data
This report was compiled from data courtesy of Reverse Market Insight.
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October Top 100 HECM Lenders Report
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Imagine starting off fiscal 2017 with lower endorsements by 9.5% for the first month of this fiscal year October 2016 than for the first month of last fiscal year, October 2015. The October 2016 endorsement total (actual 3,919) is about 10% lower than the total that was generally expected.
The 12 month trailing total endorsements for October 2016 is 0.85% lower than for fiscal year 2016. Fiscal year 2016 was the worst fiscal year for endorsement totals in over a decade; it was the only time in that period that total endorsements for a fiscal year were lower than 50,000 endorsements (actually 48,902).
Are we on a recovery track? Despite what industry pollyannas want us to believe, the answer is till a resounding NO.
Yet like others have reported, October 2016 marks the month that total endorsements since the HECM program was implemented in fiscal 1990 exceeded one million. So in the midst of some problematic news we see an industry milestone reached.