May’s HECM endorsement count rebounded slightly by 4.6% to 2,053 loans. Despite the industrywide struggle with declining origination volume, Mutual of Omaha appears to be coping with relative ease, seeing little change in lending volume over the last 12 months. Meanwhile, during the same time period, two top lenders have ceased lending altogether, and the remaining major players have seen volume cut by about half. Our full report can be found here: NV Endorsement 2023_05.
HUD’s April Endorsement Snapshot Report was just released on its website. HECM to HECM refis remain at approximately 10% of total endorsement volume, a streak of now four months. 10%, give or take, had been the long term refi percentage prior to the pandemic-driven interest rate drop and refinance boom. As long as rates remain high and property values stable or falling, don’t expect meaningful refi volume to return any time soon.