Items Tagged with 'HECM'

ARTICLES

  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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  • FHA: No PLF changes for reverse mortgages

    Report reveals HECM’s drain, but FHA says it’s moving in the right direction
    The Federal Housing Administration released its 2018 Report to Congress on Thursday, revealing that the HECM program continues to be a drain on its flagship Mutual Mortgage Insurance Fund to the tune of $13.63 billion in the last fiscal year. But FHA Commissioner Brian Montgomery said the program is benefiting from policy changes made last year, and that the agency remains "optimistic that the quality of the book will continue to improve."
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  • Reverse mortgage market closes out October with positive gains

    But analyst warns recovery will be slow and uneven
    Reverse mortgage volume inched upward last month, continuing its uneven road to recovery after a rough year. According the latest HECM Lenders report from Reverse Market Insight, endorsement volume rose 7.3% in October to 3,091 loans. "We are expecting a very slow and lumpy growth for the foreseeable future in HECM volumes," said RMI President John Lunde.
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  • Synergy One announces first big move under new management

    Company set to acquire BBMC Mortgage
    Synergy One Lending is set to acquire certain assets of BBMC Mortgage, significantly expanding its footprint in the Midwest. Synergy One CEO Terry Connealy said the company is excited to expand and serve more customers in the traditional and reverse mortgage markets.
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  • Proprietary reverse mortgages essential to helping more homeowners access equity

    Expert panel predicts more products will emerge to fill HECM's void
    Proprietary reverse mortgages are key to helping American homeowners unlock the wealth in their homes, and we'll likely see more of them come to market, said panelists at NRMLA's annual meeting on Monday. "Ultimately, what we're trying to do is create solutions for borrowers and give them flexibility and choice," said Jonathan Scarpati, vice president of wholesale at Finance of America Reverse.
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  • HUD: Reverse mortgage second appraisal rule affecting about 20% of HECMs

    Panel gives update on impact of recent HECM program changes
    The latest mandate requiring a second appraisal on select reverse mortgage loans has affected about 20% of HECM appraisals so far, according to representatives at the Department of Housing and Urban Development. Speaking on a panel at NRMLA's conference on Monday, HUD staff members presented data on the impact of the new appraisal rule and other recent changes made to the reverse mortgage program.
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  • TowneBank's reverse team focuses on HECM for Purchase business

    Leverages bank’s partnerships with real estate agencies
    Sitting comfortably in the top third of the Top 100 HECM Lenders list, Virginia-based TowneBank has been operating a reverse channel for more than a decade. Chip Glover, EVP and director of capital markets who heads the reverse channel, tell us part of its strategy to capture volume in the current climate is to focus on the HECM for Purchase product. “We think it affords us the best chance to be profitable in the HECM space,” he said.
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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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