Wholesale Reverse Mortgage Volume up 4.9%, MetLife Holds Top Spot

After recovering in June from a four-month decline in overall industry performance, July gave lenders a reason for further optimism in 2010. According to Reverse Market Insight’s Wholesale Leaders Report for July 2010, total endorsement for retail and broker/wholesale lenders grew 10.8% for the month. With both channels continuing to grow from the previous month, July’s […]

Chart of the Day: Most Popular Payment Plan for HECM Borrowers?

While we already know that borrowers are overwhelmingly choosing the fixed rate product, but what about the ARM product?  The latest in our Chart of the Day series looks at what type of payment plan reverse mortgage borrowers choose on adjustable rate reverse mortgages. According to data from Reverse Market Insight, younger borrowers overwhelmingly choose […]

Despite Record Low Interest Rates, Data Shows Reverse Mortgage Prepayments Falling

New data published by the Department of Housing and Urban Development shows that despite record low interest rates, reverse mortgage prepayments are falling according to a report from New View Advisors. Hardly in line with conventional mortgage prepayment behavior − which typically rise when interest rates fall because borrowers refinance − the HECM product and […]

Low termination rates on reverse mortgages reported

The first meaningful measurement of reverse mortgage performance, expected to be presented this month to select industry members, will reveal surprisingly low termination rates. The Reverse Market Insight, Inc. “Industry Data Repository” includes information from four of the top 10 reverse mortgage originators in the country and six of the top servicers, according to John […]

Volume Jumps 12% During August, Top Reverse Mortgage Lenders

Reverse mortgage lenders endorsed 6,645 HECM units during August, up 12.6% from July.  It’s the third consecutive month over month increase in volume and signals things could be turning around after an extremely challenging first half of 2010. Overall volume for 2010 is still down 37.7% from the same period last year, but individual lender […]

Census Data Shows Increase in Reverse Mortgages, Big Opportunity Remains

Data from the 2009 American Housing Survey (AHS) shows that while the number of people using reverse mortgages has increased dramatically, there is still plenty of opportunity for growth. Conducted by the US Census Bureau for the Department of Housing and Urban Development (HUD), the survey data shows that the number of homeowners using reverse […]

FIT Data to Help Industry Understand Needs of Reverse Mortgage Borrowers

As part of the Department of Housing and Urban Development’s new HECM Counseling protocols, counselors are required to use the new Financial Interview Tool to help prospective borrowers consider the immediate financial needs and long-term challenges that can make it hard to stay at home and benefit from a reverse mortgage. The tool includes a serious […]

Volume Continues to Increase, Top Reverse Mortgage Lenders

Reverse mortgage lenders endorsed 5,901units during July, up 11% from June and the second month over month increase in volume. Overall volume for 2010 is still down 39% from the same period last year, but endorsements are starting to catch up to the increase in applications the industry has seen since March. As the number of applications continues to rise, […]

Chart of the Day: HECM Fixed Attracts Younger Borrowers, Increases Risk to FHA

The latest in our Chart of the Day series comes from Reverse Market Insight and shows how younger borrowers are turning to the HECM fixed product more than the adjustable rate reverse mortgages. According to RMI, the average age for adjustable rate borrowers was 73.6 compared to 71.7 for fixed rate borrowers in 2009.  With younger borrowers […]