Reverse Mortgage Daily
- Fairway Bucks Market Trend With Reverse Mortgage SuccessThe reverse mortgage industry has struggled with adapting to changes made to the Home Equity Conversion Mortgage (HECM) program handed down by FHA two years ago. In 2019, the industry recorded a 32.3% loss in volume for the period of January-July compared with the same period the prior year. As a result, finding standout success […]
- CFPB Creates Federal Consumer Finance Law TaskforceThe Consumer Financial Protection Bureau (CFPB) announced Friday that it will establish a specialized taskforce to, “examine ways to harmonize and modernize federal consumer financial laws,” according to a press release. The new body, called the “Taskforce on Federal Consumer Financial Law,” is aimed at examining the existing legal and regulatory climate that faces consumers […]
- HECM Hearing Recap: Democrats, Republicans Agree on SomethingThe late September hearing of the U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance provided a rare moment of insight into the perspectives that national politicians maintain toward the Home Equity Conversion Mortgage (HECM) program. Over the course of the proceeding, more Republicans expressed doubt concerning the viability and effect […]
- CFPB Loosens HMDA Requirements in Final RuleThe Consumer Financial Protection Bureau (CFPB) announced on Thursday the issuance of a new, final rule under the Home Mortgage Disclosure Act (HMDA). The new rule extends the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA for two years. Additionally, the rule also clarifies partial exemptions from certain […]
- Ginnie Mae Chief Steps DownThe Government National Mortgage Association (GNMA, or “Ginnie Mae”) Executive Vice President and Chief Operations Officer Maren Kasper will be stepping down on October 18 for a new position in the private sector, according to a late Thursday press release issued by the organization. Kasper was previously appointed as acting president in the aftermath of […]
- Programming Note: RMD Holiday Weekend ScheduleThank you once again to Reverse Mortgage Daily’s dedicated base of readers for your continued support! As a reminder, RMD’s Chicago headquarters will be closed on Monday, October 14 in observance of the upcoming federal holiday. Our normal posting schedule and daily email will resume on the morning of Tuesday, October 15. We hope everyone […]
- How One Lender is Defying the Odds by Growing With HECM For PurchaseDespite some reverse mortgage stakeholders believing the HECM for Purchase loan would be looked at as a “sleeping giant” for the industry, loan counts have represented a plateau for the product at around 7% of volume. Many see the product’s potential, and have touted it across the country to Realtors and other real estate partners, […]
- How the Gig Economy Fails Senior Workers Facing RetirementAs an increasing share of older Americans are turning toward other kinds of emerging jobs in order to make ends meet in retirement, many older workers are turning to jobs that don’t carry any benefits. The result of this is that fewer older workers are in more “traditional” jobs that carry benefits, while many other […]
- New Reverse Mortgage Protections ‘Win-Win’ for Servicers, Non-Borrowing SpousesAfter the release of two Mortgagee Letters by the Federal Housing Administration (FHA) in late September outlining new provisions for the Home Equity Conversion Mortgage (HECM) program, reverse mortgage servicers are responding positively to the expansion of protections for non-borrowing spouses (NBS). Mortgagee Letter 2019-15 updates the Mortgagee Optional Election (MOE) Assignment for HECMs with […]
- Trump Nominates Montgomery for Full-Time Deputy HUD SecretaryPresident Donald Trump has nominated current Federal Housing Administration (FHA) Commissioner and Acting Deputy Secretary of the Department of Housing and Urban Development (HUD) Brian D. Montgomery to assume the full-time position of Deputy HUD Secretary, a position he’s been serving in an acting capacity since January of 2019. He is the first individual to […]
Reverse Market Insight
- 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… […]
- HECM Lenders – May 2019HECM endorsements dropped -7% in May, reinforcing the lumpiness and uncertainty around HECM volumes after an encouraging April tally. Most of the larger regions declined but a few of the lower volume regions built on April gains: Midwest jumped 23.1% to 213 loans, its highest level since October (outside of the catchup boost in Feb)… […]
- HECM Originators – March 2019HECM endorsements declined in March without the tailwind from loans built up during the government shutdown. The decline was fairly balanced, with Retail dropping -36.1% while Wholesale shed -35.1%. All of the top 10 lenders dropped, so let’s dig further to see smaller originators that overcame the industry decline: The Federal Savings Bank jumped 366.7%… […]
