Much has changed over the past year in the HECM loan market: Florida has taken over from California as the reverse mortgage activity “hot spot” in the U.S.; new products like the HECM 100 and HECM 125 have emerged, and the overall volume of HECM loans has increased substantially. We thought it would be interesting to track HECM market changes in each of the locations that HUD processes home equity conversion mortgages.
The following table shows, for each location, the absolute change in HECM volume and the change in market share. Time periods used for comparison are the 12-month periods ended 10/31/07 and 10/31/06. Most of the significant changes reflect the emergence of Florida HECM activity and the corresponding declines in California HECM activity that we’ve noted before. But some other interesting points emerge as well: (more…)
For years, California has dominated the reverse mortgage scene accounting for nearly one-third of the total HECMs endorsed as recently as CY2006. Figures through September 2007, however, show that HECM endorsements in the Golden State have fallen sharply when viewed as a percentage of the total HECM activity.
Florida HECM production, meanwhile, continues to be strong and growing in 2007. Indeed, Florida appears poised to surpass California as the top state for HECM endorsements. (more…)
Data for the first six months of 2006 shows reverse mortgage activity dominated by the [tag]California reverse mortgage[/tag] market. Of the top five federal offices for [tag]HECM[/tag] processing, four are [tag]California[/tag] locations: Santa Ana, Los Angeles, Sacremento and San Francisco. Together with two other Golden State offices (Fresno and San Diego), the California [tag]HUD[/tag] offices accounted for 12,212 endorsed [tag]HECM loans[/tag], or 30% of the nationwide total of 40,910.
Here’s the complete list of HECM [tag]reverse mortgage[/tag] endorsements by location:
Home Equity Conversion Mortgage Originations by Location for Current Calendar Year
