March Top 100 HECM Lenders Report

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1 comment

The Cynic April 5, 2021 at 3:07 pm

If one follows the anecdotes recorded by various publications in this industry on HECM Refis, one would believe that Case Number Assignments (CNAs) on this type of HECM are dropping — but such is not the case.

The breakdown for HECM CNAs shows not only are HECM Refi CNAs over 40% of total CNAs for February 2021 (March 2021 has yet to be posted) but they were also the third highest such total for HECM Refi CNAs for any month. When compared to January 2021, the February 2021 HECM Refi CNA total is 15.5% greater. When compared to February 2020, the February 2021 HECM Refi CNA total is 155.5% greater. When compared to the five months ended 2/29/2020, the total for the five months ended 2/28/2021 is 143.1% greater. Finally, when compared to the twelve months ended 2/29/2020, the total for the twelve months ended 2/28/2021 is 189.1% higher.

So why were there so many anecdotes telling us that the industry was experiencing a drop in the number of HECM Refi closings? People love to talk especially when no one is holding them to what they say.

The current level of exaggeration going on inside and overflowing to the general public is simply amazing.

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