Reverse

More borrowers are raising their mortgage rate to cash out equity

Cash-outs comprise greatest share of refinances since 2006 peak
For several months now, cash-out refinances have been eating up a greater share of overall refi volume, and it appears the trend isn't about to slow down anytime soon. The latest report from Black Knight reveals that 82% of refinances originated in Q4 2018 were cash-outs, and that in two-thirds of these transactions, the borrower raised their mortgage rate in order to access their equity in cash.
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Will sale-leasebacks change how homeowners tap into their equity?

Figure Technologies says it has a better solution than reverse mortgages and HELOCs
In just its second year of operating, Figure Technologies has already raised more than $120 million in capital. While at the LendIt Fintech conference in San Francisco this week, I sat down with TJ Milani, Figure's VP of finance and strategy, and Patrick Silberstein, senior director of capital markets, to discuss the company's strategy behind its sale-leaseback product and its plans to disrupt the home equity market.
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Reverse mortgage volume settles at 36% low

Is this the new normal?
Now that the noise from the government's shutdown has quieted, it seems reverse mortgage endorsement volume has officially settled at -35.7%. According to the latest report from Reverse Market Insight, endorsements in March totaled just 2,573 loans, and its analysis suggests this is in line with industry totals over the last five months.
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PRMI hires Steven Sless to manage reverse mortgage division

Will open a HECM-focused retail branch in Maryland
PRMI has hired Steven Sless as its reverse mortgage division manager. In his new role, Sless will be opening the lender's first consumer-direct retail branch that deals exclusively with reverse mortgages in Maryland. Sless will also work alongside PRMI's HECM Business Development Manager George Morales to expand the lender’s footprint in the reverse mortgage space.
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Amount of tappable equity falls again

Q4 sees equity amounts backslide as home price growth slows
The collective amount of equity available for homeowners to tap reached a record high last year, climbing above $6 trillion as home prices continued to appreciate at a steady clip. But now, tappable equity totals are retreating, with Black Knight data revealing a second consecutive quarter of declines as home price growth slows in many of the most expensive markets.
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Finance of America Reverse names Dan Hultquist VP of organizational development

Hires the reverse mortgage trainer and author to assist in education across channels
Finance of America Reverse has hired Dan Hultquist as vice president of organizational development. As such, the veteran reverse mortgage trainer will play a crucial role in developing the lender’s training and educational materials across channels, including those for professional partners in financial planning and real estate.
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HUD: Reverse mortgage volume tanked in Q1

Latest report paints troubling picture for HECMs
Reverse mortgage volume has been on a rapid descent since program changes took hold in early 2018, and the trend doesn't appear to be slowing. The Department of Housing and Urban Development released its quarterly report to Congress on Monday on the state of the Federal Housing Administration's flagship Mutual Mortgage Insurance Fund, and its details on the flailing state of the reverse mortgage program are eye catching.
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From HW Magazine

2019 HW Tech100 winner: Valligent Technologies

Regulatory compliant appraisal in just one hour
Valligent Residential Appraisal Report is a full interior inspection appraisal that is fully regulatory compliant and is completed in just one hour, rather than days.
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From HW Magazine

2019 HW Tech100 winner: Spruce

Provides title and closing services
Spruce is a technology-driven real estate services company that provides title and closing services to enable real estate and mortgage transactions across the U.S.
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From HW Magazine

2019 HW Tech100 winner: ReverseVision

Utilized by all Top 10 HECM lenders
Technology provider ReverseVision’s flagship origination system, RV Exchange, is utilized by all of the Top 10 HECM lenders.
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