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   James E. Veale, MBT

   September 3, 2023 at 11:01 am

   Many will be surprised by the following data.

   Despite all of the industry hype about H4P acceptance by Realtors and campaigns to increase it even more, the H4P endorsements for fiscal 2023 will be the worst such production in nine years [which includes fiscal 2019 with just over 31,000 total HECM endorsements, the lowest total HECM endorsement production in over two decades (since fiscal 2003)].

   Total HECM endorsement production for fiscal year 2023 will be around 33,000, making it the second worst fiscal year for total HECM endorsement production since fiscal year 2003.

   As to HECM Refi endorsements, fiscal year 2023 will be the 12th best fiscal year in the last 20. Believe it or not, HECM Refi endorsements are the brightest area for HECM endorsements in this fiscal year. Most industry participants do not realize that it was only in the prior two fiscal years that HECM Refi endorsements exceeded the previous all time high of 8,968 which was achieved in fiscal year 2009, the best fiscal year for total HECM endorsements to date with well over 114,000 total HECM endorsements.

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