May 31st, 2011 | by Alyssa | published in News, Reverse Mortgage
Home prices continue to plunge, and the S&P/Case-Shiller Home Price Indices show that the U.S. National Home Price Index is down 4.2% for the first quarter of 2011, “hitting a new recession low” according to the S&P press release. “This month’s report is marked by the confirmation of a double-dip in home prices across much [...]
May 31st, 2011 | by John | published in Bank of America, FNMA Homekeeper, GNMA, News, Reverse Mortgage
Fannie Mae (OTC BB: FNMA.OB ) has securitized over $9 billion of HECM reverse mortgages—a little more than 18% of its total portfolio—in one transaction. The government sponsored enterprise issued a Real Estate Mortgage Investment Conduit (REMIC) consisting of $9,255,811,613 HECM loans originated by Bank of America. A REMIC is a type of multiclass mortgage-related security in which [...]
May 31st, 2011 | by John | published in FHA, News, Reverse Mortgage
Unless Congress takes action, loan limits for mortgages insured by the Federal Housing Administration will likely decline in 669 of the 3,334 counties in the United States, according to an analysis brief published last week by the Department of Housing and Urban Development. After seeing the financial markets start to unravel, Congress stepped in and temporarily [...]
May 31st, 2011 | by Alyssa | published in Counseling, News, Reverse Mortgage
Four senators have drafted a letter requesting restoration of funds for the Department of Housing and Urban Development’s nonprofit housing counseling groups. The plea comes in the wake of MBA Chairman Michael D. Berman’s Congressional hearing appearance with a similar appeal. Sens. Robert Menendez (D-N.J.), Olympia Snowe (R-Maine), Jay Rockefeller (D-W.Va), and Daniel Akaka (D-HI) [...]
May 31st, 2011 | by Elizabeth | published in International, News, Reverse Mortgage
The reverse mortgage market is positioned for growth in Australia, a recent study shows, with an industry group predicting that the percentage of retirees who take out a reverse mortgage is likely to increase from 2% to 5% or 10%. The growth may be based on borrowers using the loan option as an income supplement, [...]
May 30th, 2011 | by Elizabeth | published in News, Reverse Mortgage
In cases where a borrower is looking to obtain a reverse mortgage but decides not to withdraw any funds at closing, mortgage brokers are finding it increasingly difficult to compete with large national banks’ retail channels. Since mortgage brokers are typically compensated on adjustable rate products based on the amount of money drawn at closing, [...]
