Reverse Mortgage Daily
- FHA Commissioner: HECM Program Improving, Still Needs ‘Structural’ ChangeThe Federal Housing Administration (FHA) is encouraged by the increasing health of the Home Equity Conversion Mortgage (HECM) program inside the Mutual Mortgage Insurance Fund (MMIF) as revealed by the department’s annual report to Congress last week, but must continue to address remaining deficiencies in it after a series of major changes in 2017 and […]
- FAR Lowers Minimum Age to 60 on Proprietary HomeSafe ProductsFinance of America Reverse (FAR) announced that it has lowered the minimum age requirement from 62 to 60 on three of its proprietary HomeSafe loan products: HomeSafe Standard, HomeSafe Second and HomeSafe Flex, according to an announcement shared with RMD. “We are pleased to meet industry demand for this amendment but stress that borrower responsibility […]
- Longbridge Introduces Proprietary Reverse Mortgage with Line of CreditMahwah, N.J.-based Longbridge Financial is introducing a new proprietary reverse mortgage product to its existing “Platinum” branded product line, constituting a proprietary reverse mortgage that comes with a line of credit (LOC) feature. This new Platinum LOC loan allows qualified borrowers aged 62 and older to access an open-ended line of credit that grows at […]
- FAR Expands Proprietary HomeSafe Loan to MassachusettsFinance of America Reverse (FAR), the third largest reverse mortgage lender by volume, has expanded the availability of its proprietary reverse mortgage product “HomeSafe Standard” to the state of Massachusetts, according to a company statement to RMD. “Up until now, the 62+ Massachusetts homeowner was unable to take full advantage of their equity in neighborhoods […]
- [Updated] MMI Report Shows Improvement in FHA Reverse Mortgage PortfolioThe reverse mortgage portion of the Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund (MMIF) continues to stand at a negative capital ratio on the overall government-backed portfolio, according to an annual actuarial review of the fund’s finances released Thursday morning. However, it has made notable progress over the past year, increasing $7.7 billion in […]
- CNBC: Reverse Mortgages an Option to Pay for Long-Term CareThe often unpredictable but increasingly likely expense that awaits people of retirement age is oriented around long-term care, and financial advisors are turning to an abundance of new strategies to help their clients pay for it. One such option according to an advisor is a reverse mortgage, who offered the idea in a new story […]
- Tech Startup Brings Mobile Notary Scheduling to Reverse Mortgage MarketA new technology startup has launched a mobile notary scheduling platform that is aimed to provide reverse mortgage companies with additional oversight and control during the loan closing process. Phoenix, Ariz.-based Notaroo looks to combine its own technology with up-to-date mortgage lending practices and professional mobile notaries in an effort to streamline HECM loan closings […]
- Marketing Reverse Mortgages to Seniors: ‘Laugh With, Not At Them’A study conducted earlier this year north of the border reveals some interesting insights concerning how seniors can be effectively marketed to, and much of it comes down to the idea that seniors don’t want to see a narrative in the media that they’re defined by diminished capacity. In order to craft advertisements that more […]
- 11 States Join Supreme Court Challenge to CFPB’s Core StructureA coalition of 11 state attorneys general have joined a complaint challenging the core structure of the Consumer Financial Protection Bureau (CFPB), arguing that its leadership structure is unconstitutional. This is according to a brief filed with the United States Supreme Court which was obtained by RMD. The coalition of states – Texas, Arkansas, Indiana, […]
- RFS Rebrands, Becomes Mutual of Omaha MortgageRetirement Funding Solutions (RFS) – a subsidiary of Mutual of Omaha Insurance-owned Synergy One Lending – will be rebranding under a new company name as Mutual of Omaha Mortgage. This rebranding effort reflects its association with its parent company and an effort on Mutual of Omaha’s part to align its reverse mortgage business more closely […]
Reverse Market Insight
- HECM Lenders – October 2019HECM endorsements increased 36.2% in October, providing a nice sugar rush to this post-Halloween morning for reverse industry folks The regions were all higher, with several showing significant growth: New York/New Jersey jumped 72% to 215 loans New England gained 59% to 124 loans Southwest leaped 53.9% to 314 loans 7 of the top 10… […]
- HECM Originators – August 2019HECM endorsements dropped -15% in August, with Retail declining -16.7% and Wholesale only slightly better at -12.4%. Most of the top 10 fared better than the industry, with 5 of the 9 (excluding Live Well) increasing on the month: High Tech put in its best showing since February, rising 171% to 76 loans after a… […]
- HECM Lenders – September 2019HECM endorsements increased 3.4% to 2,420 loans in September, continuing a second consecutive month of low production levels. The last time volume was lower than Aug-Sep was during the lingering effects of a partial government shutdown in January. The regions were mixed, with 4 reporting gains and 6 declining: Mid-Atlantic rose 17.4% to 169 loans… […]
- HECM Trends – July 2019HECM Trends is all about big picture changes and geographic highlights. With more changes on the horizon, let’s see what looks interesting below the surface level national statistics. Jan-July is down -32.3% compared to last year, but some spots are showing growth: Salt Lake City and County are both up, growing 11.8% and 5.3%, respectively… […]
- HECM Originators – July 2019HECM endorsements rose 8.2% in July, with Retail jumping 12.9% and Wholesale nudging 1.8% higher. 7 of the top 10 lenders gained on the month: Liberty grew 23% to 230 loans RMF increased 22.1% to 293 loans Synergy One gained 20.3% to finish with 178 loans Special shout out to Advisors Mortgage Group that jumped… […]
- HECM Lenders – August 2019HECM endorsements dropped -15% in August to 2,341 loans, throwing a little cold water on the industry after 6 months of relatively optimistic endorsement volumes eased concerns over Dec-Jan readings
- HECM Originators – June 2019HECM endorsements dropped -5.6% in June, as Retail sank -8.7% and Wholesale held steadier at -0.9%. Just 3 of the top 10 lenders gained on the month: HighTech jumped 73.5% to 59 loans after a tough May Fairway gained 40% to 98 loans in their highest showing since February Finance of America Reverse grew 35.8%… […]
- HECM Lenders – July 2019HECM endorsements rose 8.2% in July to 2,754 loans. Lower interest rates on the 10 year swap rate in particular help HECM volume, plus an extra business day in July never hurts. Here’s the regional breakdown: Southwest jumped 51.8% to 299 loans Rocky Mountain gained 38% to 287 loans Midwest increased 31.5% to 213 loans… […]
- HECM Lenders – June 2019HECM endorsements dropped -5.6% in June, lending further support to the idea that 2,500 endorsements per month is the default volume setting for the industry right now. Some regions looked better than others: New England jumped 23.9% to 109 loans Northwest/Alaska grew 16.5% to 212 loans, despite Seattle and Portland both being down more than… […]
- HECM Originators – April 2019HECM endorsements grew 12.7% in April, with strong Wholesale growth (+21.2%) outpacing slower Retail results (+6.6%) but both contributing to a solid month of volume. Seven of the top 10 lenders gained on the month as they collectively outpaced the overall industry: Liberty jumped 66.4% to its highest level since March 2018 Synergy One grew… […]
