The volume of loans closed in a Department of Housing and Urban Development program for seniors housing declined over the past 12 months.
The Lean mortgage insurance program, which finances seniors housing, closed $2.7 billion of loan volume, a 35.7% decline from $4.2 billion in the previous period, according to a Wednesday
Forty different lenders closed loans in the program. Lancaster Pollard in Columbus, Ohio, closed the most of any single lender, closing 65 loans totaling $531 million, during the period.
"While the historically high volume HUD experienced in 2013 and 2014 predictably has slowed as much of the refinance activity has curtailed, the options provided by the HUD Lean program continue to be very beneficial to our clients," Kass Matt, Lancaster Pollard's president, said in the release.
