Articles Tagged with ''RMI''

Reverse mortgages see near-even decline in wholesale, retail

January data details volume dip
Reverse mortgage volume dropped 5.7% industry-wide in January, with wholesale and retail experiencing similar declines. According to the latest data from Reverse Market Insight, the wholesale channel fared best with a 5.3% dip, while retail declined 6%. In all, the industry closed 1,649 loans that month.
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Latest reverse mortgage data points to continued recovery

Both wholesale and retail channels see growth
For the first time since the last year’s program changes kicked in, the HECM industry saw growth in both its retail and wholesale channels, according to the latest report from Reverse Market Insight. RMI President John Lunde said the data "sets the stage for future growth and recovery."
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Top Ten States Fight HECM Volume Trends

As total HECM endorsement volume trends towards a decrease from 2010, seven out of the top ten states for total units are experiencing positive year-over-year growth in 2011. According to the new HECM Trends report from Reverse Market Insight (RMI), endorsement volume for HECM loans trended into positive year-over-year territory in February of this year, now has crossed back over into negative ground.  At 43,314 endorsed units through July, 2011 still remains 3.9% ahead of 2010, but the current trend suggests that the industry may be headed toward a third consecutive year of volume declines in 2011. Among the
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RMI's New Look At Originators

In the second version of Reverse Market Insight's (RMI's) revamped reports, the "HECM Originators" examines retail and TPO/broker/wholesale business data through July 2011. As HECM volume fell 5.9% in July, the retail production saw a small decline (5.2%) compared to the wholesale channels (7.0%). At 3,352 endorsements, retail volume made up 61% of the total volume, compared to 2,159 units or 39% for wholesale. The reworked report from RMI seeks to solves changes to the FHA HECM MIC monthly endorsement report that no longer includes the activities of broker's that are no longer issued approvals by the FHA.  Accordingly,
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RMI Debuts New Report Format

HECM endorsements increased by 5.4% in August over July in the new look HECM Lenders report from Reverse Market Insight. The new report replaces the previously named "Retail Leaders," examines lender volume based upon the FHA-approved lender whose name the loans were closed under.  For companies acting as sponsors for third-party originators (TPO's), this report includes loans closed on behalf of a sponsored TPO. The smaller regions of the country continue to outpace the larger regions in terms of percentage growth with the Rocky Mountain, Southwest and Great Plans nearing double digit growth.  Fueling the growth are areas such
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HECM Channel Distribution Settles In

After the regulatory changes related to FHA lender approval and loan originator compensation have settled into mortgage production, the distribution of endorsements by business channel have appeared to end a period of volatility and eased into a consistent range.   According to the latest Wholesale Leaders Report from Reverse Market Insight (RMI), the distribution of retail and wholesale loan production has fallen into a new standard of 60% retail and 40% wholesale.  Average Retail volume has grown over the previous two years from an average of 47% in 2009 to an average of 54% in 2010 to the 60%
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HECM Volume Struggles in July

Signaling the start of what is likely to be a challenging second half of the year for HECM endorsement volume, total endorsements dropped by 5.9% in July.   According to the latest Retail Leaders Report from Reverse Market Insight, endorsements in July totaled 5,511.  After crossing over to year-over-year positive growth in March, the latest month fell back into negative territory at 6.6% below July of 2010. With the start of this decline, expected to continue as the wind down of Wells Fargo is felt in the tail end of the year, it appears that the industry will see
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Headwinds Follow Big 3 Exits

The Wholesale Leaders report for May 2011 from Reverse Market Insight focuses on the changing industry dynamic following the exit of the major lenders, Wells Fargo, Bank of America and Financial Freedom.  The total number of applications taken, after increasing 8.5% in March, have dropped in April (-9.5%) and May (-8.3%).  Tracked from a perspective of number of HECM applications per day reveals the developing trend specifically from the wake of Bank of America's Exit.  The impact of Wells Fargo's exit on application trends will begin to unfold after an expected final boost in June as their originators were
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Top Lenders Fuel HECM Endorsement Growth

June marked a positive jump for HECM endorsement volume as the top lenders, minus Wells Fargo and Bank of America, continue to capture market share in the Retail Leaders Report for June from Reverse Market Insight.   Seven of the eight remaining lenders have grown in the last three months, while the industry declined 4.4% during this time period. The top ten amounted to 74% of retail volume for the month. MetLife has seen the brunt of the growth from 616 units in April, to 932 in May and up to 1,079 in June; as Bank of America wound
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Pinpointing Industry Direction

In a time of consistent change, challenge and exits, the reverse mortgage struggles for some clear signs of positive momentum and sustainable growth.  As year-over-year production has maintained a positive growth rate of 3.1%, other challenges remain. The latest Industry Trends Report from Reverse Market Insight (RMI)highlights that 7 out of the top ten states for production for 2011 have positive growth for the year.  Texas has solidified their hold on the number 2 spot with 11% growth, and California is by far the number one, sustaining 6.7% growth.  Two states, however, are shining above the crowed with growth
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