HECM endorsements increased in July likely due to the lower 10-year CMT rates observed in April. Recent application data showed 3,784 applications, indicating a lag of 60 to 90 days in endorsements. While some lenders like Guild Mortgage and Goodlife Home Loans saw endorsement increases, others like Finance of America and Longbridge Financial experienced declines. HMBS issuance grew 6% from June, totaling $541 million, with a consistent range in monthly payoffs. HMBS float continues to decline steadily despite minor interest rate fluctuations.
The 10-year CMT saw a decrease that spurred a rise in HECM endorsements, leading to 3,784 applications in April. This increase is linked to past interest rates.
RMI's report shows that while some lenders experienced endorsement increases, Finance of America and Longbridge Financial both saw declines in issuance from June to July.
Collection
[
|
...
]