While endorsements during the month of February were up just 5%, the number of brokered loans to wholesale lenders grew more than 15% with retail endorsements falling near 3%. The February trend represents a bigger industry picture with wholesale having gained 58% since October with retail down 5%.

Source: Reverse Market Insight

“This is the second month in a row we’ve seen TPOs (wholesale) outperforming direct lenders (retail) and the third month in the past four,” wrote RMI in the report. “Even more interesting, all three have come in growth months for wholesale, whereas in the past year it was the lesser victory of declining less than retail.”

The number of wholesale loans has “surged” from 1,612 loans in October to 2,547 in February, according to RMI, representing a “significant” bounce back from recent months when wholesale declined significantly and retail led overall industry sales.

Written by Elizabeth Ecker

Many of the oldest boomers are already well into their retirement years, with almost twice as many 65-year-olds saying in 2011 they were fully retired as opposed to working full-time, at 45% to 24%, according to MetLife data. About a third of those still working anticipate retiring within the coming year once they turn 66 and are eligible for full Social Security retirement benefits.

And although health is a major factor in someone’s decision to retire earlier than expected, a majority of those surveyed reported good health. This may contribute to the oldest Boomers continuing to push back the age at which they view themselves as “old”—not until they’re 79, a year older than in 2007.

Aging in Place, With a Little Help from Reverse Mortgages

Although very few of the survey boomers, at just 2%, have either used or plan to use a reverse mortgage at some point in the future, another 12% are willing to consider the option, while 4% are unsure. However, the number willing to consider getting a reverse mortgage has gone down from 18% in 2008. Those who already have gotten a reverse mortgage indicated the primary reason is “to support their aging and long-term care needs.”

Almost all respondents, at 93%, currently own their homes—significantly higher than 2008′s 85%, MetLife data shows. On average, those homes are valued at approximately $255,000. In 2008, the average reported home value was approximately $269,000, and the troubled housing market is still affecting some re-contacted survey respondents, 17% of whom reported a decrease in their home price compared to last year. Only 5% reported an increase in value.

While 26% said they had no concerns regarding retirement, 18% listed “having enough money” as their biggest concern, while another 18% were split evenly between concerns of outliving retirement money and being able to afford health care in retirement years.

This may have something to do with the vast majority of new, 2011 survey respondents, at 83%, who have no plans to move from their current residence—a significantly higher number than in previous years (78% had no plans to move in 2008, compared to 75% in 2007), says MetLife.

Source: MetLife

Only 16% of respondents in 2011 are planning to move from their current residence, with 10% planning on moving within the next five years, and the remaining planning to move in five years or more. More than half are looking to downsize to a smaller home, at 52%, while 8% plan to move into a larger home.

View the whole “Transitioning into Retirement: The MetLife Study of Baby Boomers at 65″ report here.

Written by Alyssa Gerace

Data released this week by the Department of Housing and Urban development indicates this is the first time endorsements have fallen below the recent bottom seen in May 2010, wrote Reverse Market Insight in its latest analysis.

“It makes perfect sense given that case numbers issued in January fell to the lowers level since May 2005, but we’d also expect at least one more month of similarly low (and probably lower) volume before February’s bound in case numbers resuscitates endorsements a bit,” RMI writes.

February applications saw a 17% increase over January application totals, despite having fewer business days during the month.

The decline in March endorsements is broad-based, RMI writes, and is seen across regions as well as Top-10 lenders, with the exception of American Advisors Group, which saw a 28% gain and the second-highest total in the company’s history.

View RMI’s report.

Written by Elizabeth Ecker

While the monthly data shows the highest level of applications in three months, year-over-year, February Home Equity Conversion Mortgage (HECM) applications were still down 16.6%, from a total of 8,149 applications in February 2011.

The cause for the uptick is difficult to pinpoint, given the absence of lender-specific or regional data, says John Lunde, president and co-founder of Reverse Market Insight. Two potential causes could be former Wells Fargo originators taking longer than expected to drive volume in their new firms, or a shift due to the pullback of MetLife’s financial assessment.

“Both of those would be interesting if we had numbers by firm, but they are both complete speculation in absence of numbers,” he says. “Regardless, very nice to see a bounce after a few very low months for case number issuance.”

Reverse mortgage endorsements remain down roughly 20% from last year, with the HECM Saver seeing continued growth at a near 30% year-over-year increase and more than 350 loans monthly. The HECM for Purchase fell slightly during the month, from 161 loans in January to 132 in February.

Written by Elizabeth Ecker

The cost of owning a home (including mortgage and utilities) went down between 2008 to 2010, dropping 5%, but so did homeowners’ incomes, which decreased 2%—often as a result of layoffs or reduced hours. During this same time frame, the number of households nationwide spending more than half their income on housing rose from 21.8% (in 2008) to 23.6% (in 2010).

The report compared the housing costs for renters and homeowners who make within 120% of the median income for their area in all 50 states and the District of Columbia, and the 50 largest metropolitan areas in the U.S.

“The data show that homeowners have been hit hard by the housing crisis in more ways than just lost equity,” said Jeffrey Lubell, executive director of the Washington-based Center for Housing Policy, in a statement. “Many working homeowners have been laid off or had their hours cut.”

Housing costs may have dipped but unless homeowners were able to refinance their existing mortgages during that period they would not have been able to take advantage of lower prices, said Laura Williams, Research Associate at the Center for Housing Policy and lead researcher on the report.

“It’s a bit incorrect to say that housing costs decreased for many homeowners,” said Williams. “Many aren’t able to take advantage of them unless they were able to refinance over the same period. So they’re facing the same level of costs that they were before but with lower incomes.”

Nationwide, 24 markets noted a significant increase in the number of  households spending more than half their income on housing. California was the hardest hit, at 34%, followed by Florida at 33%, while Maine was the only state to note a significant decrease.

Three of the five largest metropolitan areas with the highest percentages of households with significant housing costs were located in California, joining Miami, Fla. and Pittsburgh, Pa.

Written by Lindsay Welbers

The 5,246 HECM loans endorsed were the highest in the last five months, but there are declines on the way according to Reverse Market Insight.

“Case numbers issued tumbled -4.9% to 5,795, for the first time breaking the lows reached in October 2009 after the first principal limit reduction,” said John Lunde, president of RMI.

The last time case reached that level was in May of 2005, meaning the exit of Bank of America and Wells Fargo could be starting to have a big impact.

“Needless to say we can’t expect endorsements to keep going up with case numbers issued headed down, so it looks like tough sledding on the endorsement side for the next couple months at least,” he said.

Six of the ten regions in February saw an increase in January, with New York and New Jersey seeing volume increase 31.5%.

First National Bank of Layton’s hit a new record high with 147 HECM loans endorsed, Genworth also had a strong showing with volume jumping 66.6% according to RMI.

While the number of applications fell, it’s far worse than the 18.9% decline in December 2011, which came in at 6,092. But it’s still the fifth consecutive month of application declines for the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program.

Year-over-year, January applications fell 21.6% from 7,396 applications in 2011.

Despite applications being down, endorsements came in at 5,175 during the month, up 4,9%. All other categories of the HECM program also performed well, with HECM for purchase volume up 47.7% and the number of Saver loans increasing by 12.2%.

View the report.

All three generations, including Gen Xers and Gen Yers, believe they have responsibility and obligation to: save enough for retirement to avoid having to ask family members for assistance; have a parent live with them if they need to do so due to a major health or financial issue; and make sure a spouse would have enough money if a financial provider dies suddenly, among others.

While just 31% of Gen Xers and less than one in five Gen Yers report their family could use the equity in their homes should they pass away sooner than expected, 41% of Baby Boomers see their home’s value as a source of income.

Incidentally, Baby Boomers are more likely than the two following generations to believe that life insurance should provide for surviving spouses, with 82% of having policies for their spouse, compared to 66% of Gen Yers and 76% of Gen Xers.

Ensuring the ability to pay off a mortgage (50%) and cover funeral costs (52%) rank among the top reasons for having a life insurance policy, according to half of those surveyed.

No matter which generation they belonged to, respondents strongly valued being financially independent in old age so as not to be a “burden on their children.” However, they also felt strongly responsible to protect elderly parents who aren’t as independent as they themselves strive to be, reports MetLife.

The best legacy for the next generation may be a sound financial plan now for the older generation, says MetLife. And for the older generation, even if they plan to try to stay in the home as long as possible, it’s wise to discuss “what if” alternatives as “housing decisions inevitably impact financial planning at all life stages.”

View the MetLife Mature Market Institute survey findings here.

Written by Alyssa Gerace