Reverse Mortgage Volume Remains Flat, Growth Ahead

For all those hoping the industry would start of 2011 with a big month in volume, sorry, it didn’t happen. Reverse mortgage lenders endorsed 6,464 HECM units in January, down 1.4% from the month before and 15.3% lower from January 2010 according to Reverse Market Insight.  The number of active lenders fell 34.5% from last […]

Applications Rise Slightly in December, First Look at HECM Saver Data

The number of reverse mortgage applications rose 0.6% in December, coming in at 8,270 units according to the Federal Housing Administration. Application volume remains consistent for fiscal year 2011, but is up 19.4% compared to December 2009. During the month, there was 6,554 reverse mortgages endorsed with a max claim of $1.7 billion, down 0.1% from […]

Texas Overtakes Florida in Reverse Mortgage Volume

California better watch out, HECM volume in Texas continues to grow and in November it overtook Florida as the second largest state in terms of reverse mortgage volume according to Reverse Market Insight. Through November 2010, overall endorsements are still down 16.6% in the Lone Star State but it’s better than anywhere else in the […]

Taylor No Longer With Reverse Market Insight, Focusing on Consulting

RMD has learned that Jeff Taylor is no longer the Chairman of Reverse Market Insight, a data provider to the reverse mortgage industry. Taylor, a veteran to the industry “retired” in 2009 from his position as the head of Well Fargo’s reverse mortgage division.  About a month later he joined RMI as their Chairman to […]

Broker Market Share Falls During November, MetLife Back on Top

Wholesale reverse mortgage endorsements rose 10.4% during November but broker growth slowed as retail business saw significant gains according to data from Reverse Market Insight. Broker business increased to 2,547 units during the month while retail endorsements came in at 6,551 units, up 34.5% from October.  Overall, combined totals still show that November was a good […]

Chart of the Day: Which Borrower Draws More From Their Reverse Mortgage?

A new chart from Reverse Market Insight shows that single male borrowers exhibit consistently higher usage of reverse mortgages compared to females or multiple borrowers. According to RMI, the amount of cash borrowers draw at closing and over the life of the loan has become increasingly important given the reliance on HECM MBS securitization.  “Utilization […]

Chart of the Day: Average HECM Borrower Prepayment Speeds

When it comes to reverse mortgages, loan age isn’t as important as borrower age as far as being a strong driver of prepayment rates.  As borrowers get older, the odds of the loan prepaying continues to increase. According New View Advisors, data shows that for seasoned HECM loans, 64 year-old borrowers have prepaid at a […]

Visualize the Growth of Reverse Mortgages in the United States

While most were enjoying their Thanksgiving weekend, I was figuring out how to visualize reverse mortgage data for our new Reverse Base project. Soon, we will roll out a new visualization tool that allows you to see heat-maps of where reverse mortgage volume is in your local area.  To start, I took all the HECM data […]

Wholesale Volume Down 9.8% in October, Urban Takes Top Spot

Wholesale reverse mortgage volume fell 9.8% to 2,307 units during October according to the latest report from Reverse Market Insight. Combined retail and wholesale volume was down 11.4%, with 5,283 units during the month. After MetLife’s five month run being the number one wholesaler, Urban Financial/Reverseit took over the top spot with 503 HECM units. […]

Reverse Mortgage Volume Increases 24% in October

Reverse mortgage volume was up 24% in October, coming in at 6,559 units according to data from Reverse Market Insight. Overall origination volume for 2010 is still down 36% from 2009, but a bit better from the 38% from last month.