New Years Round-Up: Happy 2012 From Reverse Mortgage Daily!

Another short week as we gear up for the new year… Here’s what happened in reverse mortgage news before we sign off and see you back in 2012.

MetLife announced the sale of its bank to GE Capital. MetLife (NYSE: MET) said GE will acquire most of its depository bank business in a deal expected to close in the second quarter of 2012 under undisclosed terms. The company’s reverse mortgage business will remain unchanged, a MetLife spokesman told RMD.

Reverse applications saw a very slight uptick in November. Applications received by the Federal Housing Administration rose to 7,508 in November, up 2.5% from October but still down 8.6% year-over-year.

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…and we asked you, our readers, for your vote on the year’s biggest reverse mortgage news. An overwhelming 56% majority said it was Wells Fargo’s departure from the business, with other responses below.

…we also took our own tally of the year’s Top-10 reverse mortgage news stories. See the list here.

We’ll be signing off for the long weekend to celebrate the new year, but will return with the news on Tuesday, January 3. Wishing you a happy 2012!

—The RMD Team

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  • HUD just released the endorsement totals for December 2011.  Total endorsments for the month was the lowest in the last three months but not by much:  4,636 endorsements.  The total for the calendar year was less than 68,700 which is disappointing especially for those predicting 100,000 endorsements for this calendar year.

    More about this trend next year.  For now Happy New Year to all.

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