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April 2024 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

The latest endorsement data is here and it shows a slight increase in the following…

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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. In the prior 20 fiscal years we have never experienced a fiscal year to date with total HECM endorsements as low as we are right now. At this time last fiscal year (the second worst fiscal year in the last 20 fiscal years for HECM endorsements as of 9/30/2023), there were 19,982 HECM endorsements for the first seven months of fiscal year 2023. This fiscal year that total has dropped by 4,652 HECM endorsements (or 23.3%) to just 15,330 (or from an average of 2,855 endorsed HECMs per month to just 2,190 per month). Last month that average for 6 months was 2,204 endorsed HECMs per month, then came another poor month for HECM endorsements (i.e., below that average at just 2,105 for the month of April 2024) and we experience another drop in average HECMs endorsed this month.
    .
    Right now the average HECMs endorsed per month is screaming that we had better be ready for around 26,300 total HECM endorsements for this fiscal year, making this fiscal year the worst fiscal year for total HECM endorsements in 21 fiscal years. It would take a literal miracle to see HECM endorsements exceed the current worst fiscal year for HECM endorsements, 2019, which had just 31,274 HECM endorsements.
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    So despite all of the wonderful things heard about referral sources meaning so much to the industry, the facts are, they are not influencing our continuing tailspin. Will things turn around in fiscal year 2025? They may if 1) interest rates drop substantially this fall and continue to do so for most of the first eight months of fiscal 2025 without substantial interest rate increases, 2) HUD substantially increases PLFs, and/or 3) home price appreciation climbs much more rapidly than it is right now. Based on reasonable expectations for next fiscal year be prepared for more of the same. The reason is that if this is an election year, what would happen to make next year any better? Could it get worse? In a binary world, the answer is….
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    Despite gloom and doom, this is the year I have chosen to return as a reverse mortgage originator. While some in our own industry are falsely claiming that the term “reverse mortgage” is slang, the truth is there is much to say positive about this much maligned term but there is no reason to throw it in the face of those who view it negatively. By the way, both Congress and HUD refer to HECMs as reverse mortgages because by the legal definition of reverse mortgage in the 15th title to the United States (federal) Code of Laws at Section 1602(cc), they clearly are.


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