Source: Reverse Mortgage Daily —
Home Equity Conversion Mortgage (HECM)-to-HECM refinances remained at nearly 50% of total reverse mortgage industry endorsement volume in September 2021, according to the newest HECM Endorsement Analytics report published late last week by New View Advisors.
“4,326 HECM loans were endorsed in September, bouncing back after last month to the average pace seen for the past year and a half,” New View writes in its accompanying report. “Total volume increased 17% versus August, another reminder that one month of data, especially endorsement count, is not telling of a market trend.”
However, HECM-to-HECM refinance transactions – which, by definition, serves reverse mortgage borrowers already engaged with the product category as opposed to new borrowers seeking a reverse mortgage – remained at nearly 50% of total HECM volume at the end of the summer, according to the U.S. Department of Housing and Urban Development (HUD)’s August Endorsement Snapshot Report.