After growing steadily for a couple years, the Federal Housing Administration’s loan volume and market share dropped between 2009 and 2010, and this reflects the drop in the number of reverse mortgage loans the FHA insured, says a November 2011 Government Accountability Office (GAO) report. The number of FHA-insured loans expanded substantially between 2006 and 2010, [...]

With both retail and wholesale reverse mortgage endorsements down in September, and knowledge of the impact of Wells Fargo and Bank of America’s exits along with a decline in applications, the industry should expect to see a continued decrease in endorsements on a yearly basis, says Reverse Market Insight’s latest HECM Trends newsletter. Applications are [...]

Housing counseling funding, including funding for HECM counseling, was approved by Congress late Thursday and was signed into law by President Obama on Friday. The Transportation, Housing and Urban Development (“THUD”) appropriations “Mini-bus,” bill passed through Congress as a group of appropriations lumped together by the Senate and House. It includes $45 million in housing [...]

Democratic Members of the House Financial Services Committee released a joint letter on Thursday, Nov. 17 to Senator Minority Leader Mitch McConnell (R-Ky.), demanding that his party agree to confirm Richard Corday’s nomination as Director of the Consumer Financial Protection Bureau (CFPB). “Mr. Cordray is eminently qualified, yet Senate Republicans have vowed not only to [...]

In case you missed it… here’s what happened in reverse mortgage news this week. HUD said reverse mortgage changes are paying off. In its long awaited annual actuarial report, FHA talked about the viability of the HECM program. “The increase in premiums and the HECM Saver both positively impacted FHA’s finances,” said Carol Galante, acting [...]

The Federal Housing Administration made revisions to its future Home Equity Conversion Mortgage (HECM) volume projections, including estimates for performance of the HECM Saver over the next five years. Adjusting its revisions down, FHA now takes a more conservative stance on HECM volume in 2012—and beyond. The Department of Housing and Urban Development announced the [...]