HECM Applications Show Slight Uptick in May, Saver Continues Decline

The Federal Housing Administration recorded a slight increase in HECM applications in May, while endorsement data for the month showed a small decrease in HECM Saver endorsements, according to FHA’s Single-Family Housing Outlook.

HECM applications increased 1.4% to 7,473 applications in May, up from 7,371 applications in April (see chart), but still trailed May 2010 applications by more than 10%.

The HECM Saver saw its second monthly decline, falling 6.9% from its April total to 365 endorsements in May. Total endorsements were down 15.3% in May.

Chart: Reverse Mortgage Application Trends


Reverse Mortgage Application Trends

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To date, FHA has received 63,963 HECM applications in fiscal year 2011, ending Sept. 30, and continues to project the total number to reach 80,000 for fiscal year 2011.

Written by Elizabeth Ecker

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