Silvergate Bank Sees Record Earnings, Strong Reverse Mortagage Growth

Silvergate Bank announced record earnings this week, citing reverse mortgage sales as one important driver of third-quarter and year-over-year growth. The company reported net income of $2.36 million during the third quarter as well as the acquisition and funding of $67.2 million in reverse mortgage loans. Silvergate does not currently originate reverse mortgages, but has […]

The Biggest Impact of Losing MetLife and Wells Fargo? Liquidity

Exits by major financial institutions like MetLife, Wells Fargo, and Bank of America have been hard on the reverse mortgage industry from a public perception perspective, but the loss of liquidity as a result of those exits could also present other issues. Without these “mega banks” participating in the program, there is limited capacity for […]

Former Ginnie Mae President Appointed to Lead NewDay USA

NewDay USA parent company Chrysalis Holdings today announced the appointment of former Government National Mortgage Association “Ginnie Mae” president Joseph Murin to serve as chairman of the company’s board of directors. NewDay is now counted among the reverse mortgage industry’s top 15 lender by volume. Murin served as Ginnie Mae president from July 2008 until […]

Urban Reverse Mortgage Business: Alive and Well After “Knight-Mare”

A $400 million loss on the part of Urban Financial’s parent company, Knight Capital, over the last week, caused many people in the reverse mortgage business to wonder: Will this be the last shoe to drop? But operating as a separate and independent entity, Urban Financial is alive and well, and even more so—it’s growing, […]

Silvergate Gets Ginnie Mae HMBS Issuer Approval After “Comparatively Brief” Wait

Silvergate Bank today announced it has received approval from Ginnie Mae to issue HMBS reverse mortgage securities. It plans to issue its first Ginnie Mae HMBS security in September 2012. Silvergate, which recently touted the performance of its held-for-sale reverse mortgage portfolio has not released any additional information about its plans for its reverse mortgage […]

Ginnie Mae to “Triage” Application Backlog, Push Lenders Through

Ginnie Mae may be putting an end to the approval dry spell lender-applicants have seen of late. At least it appears to be making a solid effort. In speaking with mortgage bankers Monday, Ginnie Mae president Ted Tozer said the agency is making moves to “triage” its application “problem” after finding that about half of […]

Did Your Loans Start With a TPO? Ginnie Mae Requires New Data From Issuers

Ginnie Mae mortgage-backed securities issuers will begin to require loan-level data for single family loan pools beginning in September. The new guidance does not include HMBS pools, a Ginnie Mae spokeswoman told RMD. It will apply to all other Ginnie Mae MBS pools. Through an All Participants Memorandum issued this week, GNMA said it will […]

Ginnie Mae Reverse Mortgage HMBS on the Upswing in 2012

After seeing a decline in late 2011, Ginnie Mae HMBS issuance is showing a steady rebound into 2012, with the most recently monthly issuance totaling $882 million. In late 2011, issuance of Ginnie Mae pools had fallen to less than $600 million monthly, with November and December totaling $563 million and $599 million, respectively. Upon […]

Taking the Secondary Market for Reverse Mortgages Into the Mainstream

The investor market for reverse mortgages may have seen a demand surge in the near term due to market dynamics beyond the control of the insular HECM industry. But the secondary market isn’t likely to gain the long-term attention of mainstream investors until the reverse mortgage market takes off itself. Heading into 2012, investor demand […]

Will New Ginnie Mae HMBS Issuers Step Up to the Plate?

In January, reverse mortgage lender Live Well Financial announced it had received approval to issue Ginnie Mae HECM Backed Mortgage Securities after a three-year-plus wait time. With the landscape for issuers having changed in recent months, is the timing of the approval a coincidence with two of the large HMBS issuers quitting the reverse mortgage […]