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Reverse Mortgage Daily

Liberty, RMF Suspend Private Reverse Mortgages Over Pricing Volatility
Two proprietary reverse mortgage products – EquityIQ from Liberty Reverse Mortgage and Equity Elite from Reverse Mortgage Funding (RMF) – have been ‘temporarily suspended’ by the lenders due to current levels of volatility in financial markets caused by the COVID-19 coronavirus pandemic. This is according to communications that both lenders separately issued to their partners, […]
Forbes: Consider Reverse Mortgages After Coronavirus Crash
In terms of its financial impact and implications, no market, investor or consumer has been spared the effects of the COVID-19 coronavirus pandemic. However, there are still some opportunities that can be taken advantage of in the midst of this particularly turbulent climate, according to financial columnist and author Eric Brotman in a new column […]
FHA Relaxes Appraisal, Documentation Requirements During Coronavirus Crisis
The Federal Housing Administration (FHA) on Friday evening released a new Mortgagee Letter (ML) announcing guidance for property appraisals in light of concerns related to the outbreak of the COVID-19 coronavirus. The ML also announces a modification to the re-verification of employment requirements due to the COVID-19 national emergency as declared by the president. Appraisals […]
Reuters: Retirement Grades for Historic $2 Trillion Coronavirus Relief Law
The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act has passed both houses of Congress and on Friday was signed by President Donald Trump, codifying the historic measure into law which is aimed at providing relief to American workers and businesses affected by the COVID-19 coronavirus pandemic. The law also contains several key provisions […]
Reverse Mortgages in Massachusetts Stalled by Pandemic
Home Equity Conversion Mortgage (HECM) business in the state of Massachusetts has been effectively put on pause by the outbreak of the COVID-19 coronavirus pandemic, since a face-to-face counseling requirement within the state makes it impossible for seniors to move forward with reverse mortgage loans while adhering to business restrictions and social distancing guidelines put […]
FAR Enters Into Total Expert Partnership, Launches New Wholesale Portal
Finance of America Reverse (FAR) announced Thursday that it is entering into a new, exclusive partnership with widespread mortgage marketing platform Total Expert to provide third-party originators access to a dedicated platform aimed at improving originators’ reverse mortgage marketing expertise. The company is also launching Xcelerate, a new online portal of educational resources and sales […]
CFPB Expands Flexibility for Financial Companies During Pandemic
The Consumer Financial Protection Bureau (CFPB) has announced it will provide additional flexibility to financial companies that are working with customers in need as they respond to issues related to the outbreak of the COVID-19 coronavirus. This relief will come in the form of postponing some data collections from industry on Bureau-related rules in an […]
Financial Planners More Receptive to Reverse Mortgages During Crisis
A survey of approximately 230 financial planners during a Mutual of Omaha Mortgage and International Retirement Resource Center webinar hosted by Dr. Wade Pfau late last week revealed that 77% of financial planner respondents are more receptive to offering reverse mortgages to their clients in light of the stock market volatility introduced by the ongoing […]
Historic Coronavirus Stimulus Bill Would Relax Rules on Retirement Savings
After striking a deal in the early hours of Wednesday morning between Senate Republicans, Democrats and the White House, the U.S. Senate on Wednesday moved toward a vote on an historic stimulus bill aimed to relieve economic stress for Americans affected by the outbreak of the COVID-19 coronavirus. The bill will reportedly relax some of […]
Consumer Groups Urge HUD to Help Reverse Mortgage Borrowers During Pandemic
More than 40 consumer advocacy organizations are urging the Department of Housing and Urban Development (HUD) to do more for reverse mortgage borrowers impacted by the national coronavirus crisis, following measures spelled out by the department last week. Borrowers need more protections than currently available, say The National Consumer Law Center (NCLC) and fellow consumer […]

Reverse Market Insight

HECM Lenders – February 2020
HECM endorsements declined -13.6% in February, moderating the blistering January pace but still well above levels from early 2019. Just 3 of the 10 regions we track were up on the month. Great Plains was up 17.9% but as the smallest region it was just 66 loans Rocky Mountain has made quite a charge in… […]
HECM Originators – December 2019
HECM endorsements dropped again in December, finishing the year at 32,448 loans. That’s a decline of -22.2% from 2018, but that really does skew perception given that 2018 endorsements were inflated by 2017 fundings leaking into the first few months of 2018. Suffice to say that most everyone we’ve talked to in the industry lately… […]
HECM Lenders – January 2020
HECM endorsements started the new decade off with a bang, rising 59.2% to 3,919 loans. That’s the highest monthly total since February, which was artificially boosted by the catch-up from a partial government shutdown late in 2018. All 10 of the regions we track were up, the second consecutive month that all regions moved in… […]
HECM Originators – November 2019
HECM endorsements dropped back -13.5% in November after a strong October, with Wholesale easing -4.5% while Retail suffered a bigger decline at -18.6%. The top 10 as a group again slightly under-performed the industry (-13.8%) but some lenders had strong performances: Finance of America gained 16.6% to 387 loans, their highest total since July Sun… […]
HECM Lenders – December 2019
HECM endorsements dropped -13.4% in December, ending at 32,482 for calendar 2019. All 10 of the regions we track were down reflecting a broad based, but mostly shallow volume decline. Four of the top ten lenders were up on the month: RMF led the way, rising 61.2% to 303 loans in their best monthly total… […]
HECM Originators – October 2019
HECM endorsements grew 36% in October, powered by Retail rising 45% and Wholesale perking up 22.7%. That’s the highest monthly total since February, and that was fueled more by a backlog of endorsement activity rather than the higher origination volumes driven by lower interest rates as is currently the case. The top 10 as a… […]
HECM Lenders – November 2019
Sorry for the late update here! We’ve been under the weather this week… Click the image below for the full report.
HECM Lenders – October 2019
HECM 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 2019
HECM 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 2019
HECM 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… […]