Home Equity Conversion Mortgage (HECM) endorsements fell sharply in February, continuing a broader slowdown in the reverse mortgage industry.

The total number of HECMs endorsed during the month dropped 20.7% to 1,821 loans. While February’s shorter calendar often results in fewer endorsements, the size of the decline suggests additional pressures weighed on sales volume, according to commentary from Reverse Market Insight (RMI).

The downturn follows two consecutive months of weaker production, with RMI suggesting that the brief government shutdown early in the month may have contributed to fewer endorsements.

“Overall industry weakness continues to remain a concern, and the short shutdown details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com