Items Tagged with 'endorsements'

ARTICLES

  • 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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  • 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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  • HECM Activity Fighting to Stay Ahead of 2010 Pace

    Since crossing over to positive year-over-year growth in March, HECM endorsement volume in April and May has emulated the downward trend from 2010 according to the new Retail Leaders Report from Reverse Market Insight (RMI).   Although May production was 13.9% ahead of May 2010, the 5,188 was a 15.3% decrease from April. The endorsement volume had been steadily climbing since October 2010, reaching a 12 month peak in March, before falling in April and May. The concentration among the top lenders continued to expand as the Top 10 accounted for over 70% of May endorsements.  The volume distinction
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  • FHA Data Highlights HECM Pause

    Production activity took a step back in April as both new applications and endorsements fell by similar percentages according to the FHA's "Single Family Outlook" report.   Applications for the month fell from 8,838 in March to 7,371 in April marking a 16.6% drop.  This was also a 9.8% drop from April 2010.  For Fiscal Year 2011, applications are still ahead of pace from the prior year.  At the same point in 2010, applications totaled 47,404 compared to 56,490 thus far in FY 2011.  The current pace is 19.2% ahead of FY 2010. Likewise, endorsements fell by 16.2% from
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  • After Crossover, Retail Takes a Breather

    After finally crossing over to positive year of year growth in last month's report, retail endorsement volume fell by 16.2% in April to 6,124 loans.  April's Retail Leaders Report from Reverse Market Insight (RMI) showed that even with the drop, year-over-year growth still remained positive by 11.1%   Growth stalled in all regions of the county, while the market share of the top 10 jumped from 60.76% in March to 67.0% in April.  For the year-to-date, the top 10 lenders have accounted for 60.14% of all endorsed loans.  This is underscored by the continuing drop in active lenders with
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  • Application Volume Trends Steady

    After what appears to be a weather induced decline in application volume in January, the February total increased 10.2% to 8,149 applications.  According to Reverse Market Insight's (RMI's) Industry Trends Report January 2011, application volume has been hovering around 8,000 units since November.   While this is a 22.7% increase over volume from a year ago, it is still floating below the 10,000 application level that RMI considers to be necessary to move endorsement volume into a recover and growth mode. In terms of loan distribution for January, HECM Saver made up 4.3% of total endorsements.  Given the time
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  • Endorsements Up, Applications Down

    According to the latest Retail Leaders report from Reverse Market Insight (RMI), endorsement volume jumped in February, while application volume dropped in January.  At the same, time the number of active lenders bounced by almost 10 percent. Retail production in February hit 6,904 endorsed loans, an increase of 6.8 percent over January's total of 6,464.  Activity among the top ten lenders was split with half trending upward in the month and half trending down.  It appears that the industry will finally cross over to year-over-year growth in March considering deep declines that began in March of 2010.   A
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  • Retail Falls, but Signs of Growth

    Reverse Market Insight (RMI) points to an interesting contradiction in their latest Retail Leaders Report for January 2011.  Although volume decreased by 1.4% from December and by 15.3% from the previous January, RMI sees signs of year over year growth by March of this year. Most lenders would be concerned about a January that lagged behind a holiday shortened December, especially when it also trails the previous year.  Raising additional concern is the number of lenders participating in January increasing by 18.9% over December.  However, RMI points to two components that fuel their optimism of annual growth in volume. 
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