2021 Begins With Eye-popping Reverse Mortgage Volume, Steady HMBS Issuance

Home Equity Conversion Mortgage (HECM) endorsements in January recorded a very strong increase at the beginning of the year, rising 10.8% to 4,539 loans. This makes January 2021 volume the highest that the industry has seen since May 2020, which marked an explosive increase in volume to over 5,000 loans. January also marks a continued […]

ARRC Chair: End of LIBOR Requires ‘Urgent’ Preparation in U.S.

The end of the London Interbank Offered Rate (LIBOR) index, slated for the end of this year, requires urgent action and collaboration between the public and private sectors. Though LIBOR has previously been described by financial analysts as “the world’s most important number,” there is some limitation to its reach. That does not diminish the […]

Reverse Mortgage Volume, Securities Issuance End 2020 on a High Note

Home Equity Conversion Mortgage (HECM) endorsements in December recorded an increase at the end of the year, rising 15.1% to 4,097 loans. This marks a reversal of recent courses, as HECM volume previously had been on a recent downward trend, but overall the year finished on a strong note by rising 27.3% to 44,661 loans […]

NRMLA Board Elects Norman, Kent as Co-Chairs

The Board of Directors for the National Reverse Mortgage Lenders Association (NRMLA) has elected its co-chairs to serve in the 2020-2021 term. Scott Norman of Finance of America Reverse (FAR) and Mike Kent of Liberty Reverse Mortgage were unanimously elected. Norman was first elected to NRMLA’s board in 2012, and serves as FAR’s VP of […]

Industry Analysts: Reverse Mortgages Not Subsidized by Forward Mortgages

The Home Equity Conversion Mortgage (HECM) program does not subsidize the traditional, forward mortgage program at the Federal Housing Administration (FHA), because the HECM program has shown significant economic improvement over the past few years; and the forward mortgage program’s volatility has demonstrably increased. This is according to reverse mortgage capital markets and investment banking […]

Reverse Mortgage Experts Detail Impacts of LIBOR Sunset, CMT Transition

Described as an “autumn surprise” in the opening remarks of the National Reverse Mortgage Lenders Association (NRMLA) Virtual Annual Meeting & Expo by association president Steve Irwin, the transition away from the London Interbank Offered Rate (LIBOR) index and toward the Constant Maturity Treasury (CMT) index is a pronounced disruption to the operations of the […]

September Reverse Mortgage Volume Remains High, Securities Issuance Logs Another ‘Banner Month’

Home Equity Conversion Mortgage (HECM) endorsements remained relatively stable at recently-high levels in September of 2020, recording a drop of only 1.75% to 3,937 loans. This marks the first time since May that HECM volume fell below 4,000 loans, but still remains well above numbers observed between January and April of this year according to […]

January 2021 LIBOR Restriction Spurs Planning from Reverse Mortgage Industry

The shortened timetable for the restriction of the London Interbank Offered Rate (LIBOR) index to serve as the basis for adjustable-rate reverse mortgages has caused the reverse mortgage industry to take action, as the reverse mortgage trade association and capital markets experts have engaged in dialogue with government officials with the aim of adjusting the […]