The number of Home Equity Conversion Mortgages (HECM) originated in June dropped nearly 15% from the prior month from 10,409 to 8,925. Still, the June figures were enough to push 12-month HECM endorsements past the 100,000 mark for the first time.

Between July 2006 and June 2007, a total of 101,165 HECMs were endorsed according to monthly HECM activity reports issued by the US Department of Housing and Urban Development (HUD). The average number of loans issued each month during this period was 8,430, a 48% increase over the 5,701 loans issued on average during the preceding 12-month period.

Wells Fargo accounted for 2,127 (nearly 24%) of the total HECMs endorsed during June, followed by Financial Freedom with an 8% market share . The Miami-Coral Gables area was the top market for HECMs in June.

The pace of HECM loan growth, while still strong, has definitely slowed somewhat. During the first six months of 2007, 56,436 HECM were endorsed by HUD, a 38% increase over the number endorsed in the first six months of 2006. While still impressive, year-over-year growth is down from 43% in May.

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A Few More Related Articles of Interest:

Top HECM Lenders for First Half of Year

May HECM Activity Rebounds

July is Second Best Month Ever for HECM Endorsements

2007 HECM Numbers

Reverse Mortgage Statistics Show HECM Activity Continues to Soar