Lenders produced $4.00 billion in HECMs during the first quarter. Soaring interest rates, a cooling housing market and retreating inflation have all contributed to the 52.2% year-on-year drop in volume.
The volume of FHA and VA originations continued to fall in the first three months of the year, marking the eighth straight quarter-over-quarter decline. (Includes three data charts.)
Correspondent sales of government-insured loans declined by 28.6% on an annual basis in 2022, though Veterans United boosted its sales by 13.8%. (Includes data chart.)