With more than 10,000 Baby Boomers turning 65 each day, there is a lot of striking data in favor of the growing need for financial resources—including reverse mortgages—for seniors. We took some government data the U.S. Census collected in honor of Older Americans Month as well as data from some of RMD’s recent reports, to […]
Category: Data
The amount of home equity held by seniors aged 62 and older fell to $3.3 trillion at the end of 2010 according to the latest data from the Reverse Mortgage Market Index (RMMI). Provided by RiskSpan, the RMMI provides a framework for the quarterly measure of reverse mortgage market opportunity by determining the market size of the […]
The reverse mortgage industry ended the first quarter of 2011 on a high note, growing for the first time on a year over year basis since July 2009 according to data from Reverse Market Insight. During March, lenders endorsed 7,306 HECM units, up 5.8% from the previous month and an increase of 25.5% from 2010.
Despite the Federal Housing Administration’s new reverse mortgage product being relatively new, data shows that two lenders are dominating the industry in terms of HECM Saver production by a wide margin. According to data from the Department of Housing and Urban Development, Wells Fargo and MetLife own almost 70% of the market for the HECM […]
New data from IBIS Software shows the dive rates took when the markets crashed in the fall of 2008. “When, and if, times return to normal, a LIBOR with a 2.50% margin will have a materially higher interest rate than the current fixed-rate HECM offerings,” said Jerry Wagner, CEO of IBIS. If the 10 year […]
Reverse mortgage wholesale volume rose 9.3% in January according to a report released this week from data provider Reverse Market Insight (RMI). Wholesale endorsements totaled 2,413 units in January, a near 10% increase over the previous month, but still down 45.8% from January 2010. Retail endorsements lost 6.8% month-over-month, totaling 4,049, but gained 27.7% from last […]
During testimony before the House subcommittee last week, David Stevens, FHA Commissioner, said bringing private capital back into the mortgage markets is a critical component to further recovery of the broader economy. “This administration believes that the current level of government support for housing finance is unsustainable and unacceptable for the permanent state of this […]
While reverse mortgage endorsements were down 35% in 2010, Reverse Market Insight points not to volume declines, but consolidation as the biggest industry trend of 2010 in a report released Thursday. During the year, the number of active lenders fell by 47.2% and the largest lenders reaped the benefits. According to RMI, the top 10 […]
Released earlier this week, Presdient Obama’s budget projects a $1.65 trillion deficit this year and includes $1.1 trillion in deficit-reduction measures over the next 10 years, with two-thirds of those savings coming from spending cuts and one-third from tax increases. While the budget shows the HECM program no longer requires a subsidy from Congress, it also projects […]
Wholesale reverse mortgage endorsements fell 13.3% during December, while retail originations gained 8.5% according to data from Reverse Market Insight (RMI). Broker business fell to 2,207 units during the month while retail endorsements came in at 4,343 units. Overall, combined totals show a flat line from November to December 2010, falling by a single endorsement […]
