Housing Scorecard Reveals “Mixed Signals” with Home Prices and Delinquency Rates

The July edition of the Obama Administration’s Housing Scorecard, released by the U.S. Department of Housing and Urban Development (HUD) and the Department of the Treasury, shows “mixed signals” when it comes to the state of the housing market, with somewhat better home prices, but continued strain from foreclosures and distressed homes, says HUD. Although […]

MetLife: 55+ Population Sees $659 Billion Income Increase Over Last Decade

Grandparents make up a large portion of the American population, and this in turn has a significant impact on the economy as consumer spending among the 55-plus demographic (many of whom are grandparents) is higher than any other age group, says a recent MetLife report. The ranks of grandparents are expanding at twice the overall growth rate, and […]

Falling Endorsement Rates Point to Third Consecutive Year of Decline

The year to date total of Home Equity Conversion Mortgage (HECM) endorsements has seen some growth but may not be able to combat a decline in both the monthly and annual endorsement rate, indicating a weak second half of the year, says the latest report from Reverse Market Insight. July garnered 5,511 reverse endorsements, 5.9% less […]

Percentage of Economically Insecure Seniors Surges to 75% and Counting

Circumstances for retired seniors have gone from bad to worse, according to a July 2011 Research and Policy Brief, as household budgets are increasing while household assets drain away. The Institute on Assets and Social Policy (IASP) released a brief titled From Bad to Worse: Senior Economic Insecurity on the Rise, which examines the economic security of […]

Reverse Endorsements Down 15.3% in May as Industry Loses B of A Volume

The reverse mortgage industry continued its slump into May, as retail and wholesale endorsement volume dropped 15.3% compared with the previous month, a report from Reverse Market Insight noted this week. And although many were hopeful that the industry would absorb Bank of America’s volume after its exit from the market, RMI data shows a […]

Chart of the Day: HECM Initial Principal Volume is On the Rise

The following chart, originally published in Inside Mortgage Finance, charts the volume of initial loan amounts extended to HECM loan borrowers over the course of five quarters. The first quarter of 2011 saw a 4% increase over the previous quarter, while falling short of the first quarter total in 2010 by 4.7%. Chart: HECM Initial […]

Senior Home Equity Falls 3% in Q1, Down 20% From Peak

Home equity for seniors ages 62 and older fell by $87.3 billion in the first quarter of 2011 to $3.21 trillion, ending up down 20% from its peak in the fourth quarter of 2006. The findings are based on the latest Reverse Mortgage Market Index, provided by RiskSpan and the National Reverse Mortgage Lenders Association. […]

Most Top-10 Lenders See Endorsements Rise, Industry Awaits Wells Impact

MetLife joined an exclusive club last month, reports the latest newsletter from Reverse Market Insight, when it endorsed more than 1,000 loans in June for the first time. Meanwhile, Bank of America’s endorsements dropped to just seven last month, and the industry as a whole declined 4.4% between April and June, although RMI says it’s too soon […]

HECM Applications Show Slight Uptick in May, Saver Continues Decline

The Federal Housing Administration recorded a slight increase in HECM applications in May, while endorsement data for the month showed a small decrease in HECM Saver endorsements, according to FHA’s Single-Family Housing Outlook. HECM applications increased 1.4% to 7,473 applications in May, up from 7,371 applications in April (see chart), but still trailed May 2010 […]