On the same day Reverse Mortgage Funding announced its new proprietary Equity Edge Reverse Mortgage, two more companies affirmed their commitment to building the private home equity conversion loan space. Longbridge Financial will introduce multiple private reverse mortgage products this year, CEO Chris Mayer announced Monday* at the National Reverse Mortgage Lenders Association’s eastern meeting […]

Recent changes to the reverse mortgage program have many lamenting the fact that fewer people will now qualify. And while a decline in profitability isn’t exactly a win for the industry, there are some who have found a silver lining inside their shrinking wallets. A number of industry professionals assert that even though the adjustment […]

It’s been nearly three years since the Department of Housing and Urban Development introduced Life Expectancy Set-Asides (LESAs), which require borrowers with less-than-stellar credit histories to set aside a portion of their reverse mortgage proceeds to pay taxes and insurance. It took time for underwriters to get a handle on LESA guidelines as they sought […]

Two of the biggest names in the reverse mortgage industry are teaming up in an attempt to expand the reach of proprietary products. American Advisors Group will begin offering Finance of America Reverse’s private HomeSafe loan on a correspondent basis, RMD has learned. Under the agreement, the Orange, Calif.-based AAG will offer the HomeSafe — […]

Overall reverse mortgage endorsements slid slightly in December, driven primarily by sluggish wholesale performance.  Home Equity Conversion Mortgage originators generated 4,747 loans in the final month of 2017, according to the most recent data from Reverse Market Insight. That figure, 0.7% dip from November, includes lenders approved by the Federal Housing Administration and non-approved firms. […]

After months of waiting for evidence of a surge, reverse mortgage origination numbers set a recent record in January. Federal Housing Administration-approved reverse mortgage lenders logged 6,313 endorsements last month, making it the best month for the industry since March 2011 according to the most recent numbers from Reveres Market Insight. That’s a 32.5% growth […]

Issuers of reverse mortgage-backed securities (HMBS) had a record end to 2017, logging the highest monthly issuance total in almost eight years. HMBS firms generated 106 loan pools for a total of $1.35 billion, outpacing $1 billion in payoffs — the first time in 15 months that issuance exceeded payouts, according to the most recent […]