At the National Reverse Mortgage Lenders Association meeting last week in Chicago, most people were pretty optimistic about their business for the rest of 2009. HUD’s FHA outlook report mirrors the optimistic outlook by showing that during FY 2009, 85,548 HECM applications have been taken, up 16.1% compared to last year.
The report also shows total endorsements are up 4.8% for FY 2009 at 57,856. Other notes from the report:
- 67 HECM for purchases have closed in FY 2009
- HECM to HECM refinances are up 2.7% compared to FY2008
Click on the image below to see more HECM details from HUDs Outlook Report.
Reverse mortgage professional Gabe Bodner offers tips for originators to keep in mind during tough market conditions.