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February Top 100 HECM Lenders Report

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⬇︎WATCH THE VIDEO SUMMARY BELOW ⬇︎
Download this month’s report [pdf] 
View Annual Historical HECM Endorsements


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Editor in Chief: HECMWorld.com
 
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
 
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
 
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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  1. It is a very critical time for the HECM world. HECM endorsements for the month February 2023 were just 2,185. There have only been three times that monthly HECM endorsement volume has been lower than the total volume since we saw 1,572 HECM endorsements for the month of January 2004. The volume drop in all three months were Covid related according to those who track this information. They were as follows:

    1) December 2018 — 1,750
    2) January 2019 — 1.649
    3) April 2020 — 1,601

    While 2,185 is better than all four, imagine if someone told you that in the last 5 years we have had four months where endorsements totaled less than 7,200 and one of those months was unrelated to Covid conditions.
    To address the old story about there were not enough working days (i.e., excluding holidays and weekends) in February to generate more HECM endorsements, let us look at the per working day HECM endorsement volume for each month beginning with November 2022:

    1) November 2022 (assuming that the only day HUD took off was Thanksgiving Thursday) — 155
    2) December 2022 — 133
    3) January 2023 — 119
    4) February 2023 —115

    As can be readily seen, the problem was not average working day production. The production in February 2023 was 25.8% lower than in December 2022. The only thing that can reasonably account for this difference is a lack of submitted closed HECMs to HUD and that only seems to be getting worse.


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