In this week’s Reverse Focus podcast, Shannon Hicks discusses the impact of the Financial Assessment on Home Equity Conversion Mortgage (HECM) endorsement volume in September, and which markets felt the sting more than others. Key markets spotlighted were Honolulu, Los Angeles, Seattle, among other markets that bucked the trend with higher production in September.
Also discussed, mortgage originations are forecasted to decline in 2016, however, purchase activity is projected to actually increase, according to recent a forecast from the Mortgage Bankers Association (MBA). Citing continued improvements in the housing market and broader economy, MBA projects originations will decrease to $1.32 trillion next year, whereas purchase originations are forecasted to grow 10% to $905 billion during 2016.
In another Reverse Focus podcast story, New View Advisors last week launched a new reverse mortgage index that is focused specifically on reverse mortgage draw behavior. The new index aims to provide a better understanding of the underlying characteristics of HECMs and Ginnie Mae HECM-mortgage backed securities.
Lastly discussed, Hicks chats about a recent mortgagee letter from the Department of Housing and Urban Development (HUD) that extends the deadline for lenders to submit due and payable requests for reverse mortgages in default due to unpaid property charges. The extension to submit such requests has been granted through January 16, 2016.
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- Where the Financial Assessment hurts the most
- Mortgage originations projected to decline with purchases to rise
- New View Advisors launches new HECM draw index
- HUD extends default submissions for HECM lenders
Listen now. Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editor’s Note: These posts are sponsored by Reverse Focus.
Written by Jason Oliva