Reverse Mortgage Daily
- After Executive Shake-up in New York, Reverse Mortgage Legislation Remains in LimboA bill passed in June that would allow New York seniors to get reverse mortgages on co-ops has been stalled, apparently due to recent turnover in the office of the state's governor.
- Forbes: Listing the Best States to Save for RetirementThese are the five best states in which to save for retirement, according to a tabulation by Forbes Advisor.
- DOJ Seeks to Nullify Reverse Mortgage Lender Defenses in LawsuitThe U.S. government is seeking to nullify a series of defenses made by a reverse mortgage lender in a lawsuit stemming from loans originated between 2008 and 2010.
- AARP Examines Senior Financial ‘Pain Points’ in Data Which Includes Reverse MortgagesAccording to CFPB data analyzed by AARP, reverse mortgages are far down the list when looking at the sources of financial "pain points" for seniors.
- Canadian Reverse Mortgage Industry Leader to be Acquired by Teachers’ Pension OrganizationThe leading reverse mortgage lender in Canada will be acquired by a province's pension plan board for teachers, which is described as a leading institutional investor.
- New Reverse Mortgage Company Aims to Modernize Product North of the BorderA new reverse mortgage company aims to modernize the product offering for borrowers north of the border, and the founder of the organization tells RMD how he aims to accomplish that.
- Senate to Advance Biden’s CFPB Pick After Months of DelaysThe Senate is poised to advance the nomination of Rohit Chopra as director of the Consumer Financial Protection Bureau (CFPB) after being held up since President Biden's inauguration in January.
- Reverse Mortgage Pros Share More Thoughts on Recent Appraisal ChallengesMore perspectives about appraisal challenges are shared with RMD by reverse mortgage professionals, including regional appraisal issues regarding second appraisals.
- CNBC: Long-term Care Needs Vary ‘Wildly’ Among Retirees, Reverse Mortgage One Possible SolutionThe long-term care (LTC) needs of American retirees can vary wildly, and the cost has only accentuated the need to adequately finance either direct care or LTC insurance.
- Leading Reverse Mortgage Counseling Agency: New Funds from HUD Will Help Increase CapacityA counseling professional describes how important new funding from HUD will be in increasing capacity, and allowing reverse mortgage borrower more options to avoid default.
Reverse Market Insight
- HECM Originators – July 2021HECM endorsements rose 2.8% in July to 4,276 loans. Wholesale declined for a fourth straight month, dropping -1.7% while Retail bounced back 5.9% from a poor June showing. Lenders fared better in the rising tide, with 6 of the top 10 lenders increasing volume. RMF jumped 55.8% to 642 loans, good for second highest for… […]
- Dog Days – HECM Lenders Aug 2021HECM endorsements dropped -14.3% to 3,679 loans, as it felt like everyone caught up on 2 years of vacation this summer. The drop is a bit concerning given the industry had been above 4,000 loans for 8 consecutive months, but it remains to be seen if this will be a momentary endorsement blip. The regions… […]
- HECM Originators – June 2021HECM endorsements dropped -4.2% in June to 4,158 loans. Wholesale declined -2.1% to outperform Retail (-5.6%) for the first time in 5 months. That subtle shift in channels showed up powerfully in lender performance, although once again just 3 of the top 10 lenders gained on the month. Mutual of Omaha surged 43.5% to 333… […]
- Fashionably Late – HECM Lenders July 2021HECM endorsements rose 3.2% in July to 4,293 loans, in a slightly delayed release due to system updates at HUD. While we again saw only 3 of the 10 regions increase volume, all 3 were in the top 5 volume regions and that made all the difference: Pacific/Hawaii jumped 11.2% to 1,643 loans – almost… […]
- HECM Originators – May 2021HECM endorsements rose 3.8% in May, with Retail (+10.7%) outperforming Wholesale (-5%) for the 4th consecutive month. Only 3 of the top 10 lenders increased volume in May, but putting that together with Retail dominance should make the top performing lender no surprise: AAG lapped the field, jumping 32% to put 1,000+ loans between them… […]
- Smaller Stories – June 2021HECM endorsements fell -4.4% in June to finish at 4,160 loans, extending the industry’s current streak to 7 consecutive months above the 4,000 loan level. Just 3 of the regions we track increased volume and it was mostly the smaller volume areas: Last place Great Plains gained 22.7% to 54 loans Second to lowest New… […]
- HECM Originators – April 2021HECM endorsements dropped -0.8% in April as Retail outpaced Wholesale yet again. Retail grew 2.5% to 2,357 loans while Wholesale declined -4.7% to 1,825 loans. Half of the top ten lenders increased volume on the month: South River showed the continuing strength of refinance volume, rising 24.4% to 148 loans Open Mortgage gained 20.4% to… […]
- Winners Run – HECM Lenders May 2021HECM endorsements grew 3.9% in May, finishing at 4,350 loans. There’s a saying in the stock market that traders should let winning positions “run,” or continue to perform for you. This month we saw a parallel in the HECM market, as 6 of the 10 regions increased volume on the month and they were 6… […]
- HECM Originators – March 2021HECM endorsements rose 3.7% in March as Retail outpaced Wholesale, 4.1% to 3.3%. Several top 10 lenders recovered well from a poor February: HighTech continued its every other month cycle with 98 loans, a 133.3% jump from Feb and just above its January total of 94 loans RMF gained 26.7% to 564 loans to balance… […]
- Steady State – HECM Lenders April 2021HECM endorsements dropped -0.8% in April, finishing at 4,187 loans. With such a small decline nationally it was a bit surprising to have just 3 of the 10 regions we track show growth: Southwest had a banner month, popping 53.6% to 341 loans to fully recover from a disastrous March New York/New Jersey rose 16.1%… […]
