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EPISODE #814
HECM application activity falls
[FHA/HECMWORLD]
After a long delay the most recent FHA Single Family Production report was released earlier this month revealing November HECM application activity.
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1 Comment
We now have the missing information from FHA for the month of December 2023. The news is not good. To find HECM CNAs (Case Number Assignments) as low as they were during December 2023 one has to back track to January 2003 (almost 21 years ago).
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HECM CNAs for December 2023 were 2,268 and 2,025 for January 2004. The drop in HECM CNAs from November 2023 to December 2023 was 13.5% Looking how these HECM CNAs should impact HECM endorsements this fiscal year is most likely around 1,590 and that is estimated on the high side.
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H4P endorsements had their worst endorsement total for a calendar year since calendar year 2012. At 1,959 this is but the second time that H4P endorsements for any calendar year were lower than 2,000 also since calendar year 2012. For those fighting to get the industry to see H4P as a viable and growing segment of the industry this cannot come as good news (as is the case with almost every annual H4P endorsement total).
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Since anyone can look at CNA data, this information cannot come as unexpected news for the NRMLA board especially with John Lunde of RMI as one of its members. So why were things so upbeat at the most recent NRMLA National Convention that so many attendees commented on it?
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Why are some of the brightest originators in the industry trying so desperately to convince the rest of us that RM business is showing marked signs of improvement when the endorsement and CNA numbers have yet to show any kind of improvement. Subjective, anecdotal statements that are not supported by stats hardly show signs of accountability.