HECM Activity Shows Moderate Rebound But Still Disappoints
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October HECM activity rebounded somewhat from the sharp falloff seen in September, but remained well below the 12-month average. According to HECM MIC reports recently issued by HUD, 8,417 HECMs were endorsed in October, a 9% increase from September’s total of 7,695. But the October total fell about 6 percent under the 12-month moving average of 8,938 monthly HECM endorsements and was, surprisingly, about four percent lower than the 8,789 HECM’s endorsed one year ago in October 2006.
October’s totals, in fact, were the eighth lowest out of the last twelve months:
| Month | HECM Endorsements | Rank |
|---|---|---|
| Nov 2006 | 7,478 | 12 |
| Dec 2006 | 7,760 | 10 |
| Jan 2007 | 8,824 | 7 |
| Feb 2007 | 9,349 | 4 |
| Mar 2007 | 10,888 | 1 |
| Apr 2007 | 8,041 | 9 |
| May 2007 | 10,409 | 3 |
| Jun 2007 | 8,925 | 6 |
| Jul 2007 | 10,462 | 2 |
| Aug 2007 | 9,006 | 5 |
| Sep 2007 | 7,695 | 11 |
| Oct 2007 | 8,417 | 8 |
Clearly, fall out from the mortgage/housing crisis and the associated drop in home values continues to negatively impact reverse mortgages. To see more HECM activity statistics or do your own analysis of the numbers, visit our free HECM Loan Data tool.
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