Items Tagged with 'HOME EQUITY CONVERSION MORTGAGES'

ARTICLES

  • Reverse mortgage data reveals solid spring comeback

    Endorsements grew 12.7% in April
    Last month, the reverse mortgage industry closed just over 2,500 loans, a mark it was consistently hitting when noise from the government shutdown was factored out of the equation. Many agreed this 36% low was likely the industry's new normal, but perhaps they spoke too soon.
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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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  • Trump asks HUD to address financial viability of reverse mortgage program

    Housing finance reform to include assessment of HECMs
    President Donald Trump this week put into motion federal action on the "overdue reform of the housing finance system." Among the president's to-do list for the HUD secretary: address the financial viability of the reverse mortgage program, and report back to him promptly with a detailed plan for reform.
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  • Reverse mortgage volume plunges 31.4%

    Industry sees second consecutive month of 14-year lows
    The reverse mortgage program can't seem to find its footing in the wake of program changes issued in October 2017. Since the endorsement totals began to reflect the new guidelines, volume has been shaky, but so far, December takes the cake, closing out with a steep 31.4% decline – a low the industry hasn't seen since January 2004.
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  • Should reverse mortgages be pulled from FHA's MMI Fund?

    Experts say yes, and here's why
    The FHA’s recent report to Congress on the health of its flagship insurance fund revealed the HECM’s continued drain, renewing calls from some to remove reverse mortgages from the Mutual Mortgage Insurance Fund. The Urban Institute’s Laurie Goodman and Edward Golding explained to HousingWire why separating the two portfolios makes sense.
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  • Here are the top 10 reverse mortgage stories of 2018

    A recap of the news that caught your attention this year
    It’s been an eventful year in the reverse mortgage industry. The HECM space saw new proprietary products enter the market, adjusted to a new second-appraisal rule, and witnessed volume plummet. We drilled down on our article stats to find out what reverse mortgage stories got the most attention this year, shedding light on the topics our audience found most interesting in 2018.
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  • Do reverse mortgages have occupancy issues?

    When someone other than the borrower lives in the home, the FHA may unknowingly be footing the bill
    Reverse mortgage borrowers must sign a form every year to confirm that they are living in the property, but without anyone physically verifying that it is, in fact, the borrower signing the form, there's bound to be fraud, and it could be costing the FHA's insurance fund millions.
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  • Reverse mortgage securities fall to 4-year low

    "The market has yet to find its new normal"
    The latest data on HECM-backed securities reveals that issuance fell in November to $521 million, hitting the lowest level in four years thanks to low origination volume. According to a report from New View Advisors, only 84 pools were issued in November, the lowest number since February 2015.
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  • Reverse mortgages plummet to 14-year low

    Volume falls 17%
    After months of uneven recovery following last October's program changes, reverse mortgage volume has fallen to a low it hasn't seen since 2004. The latest data from analytics firm Reverse Market Insight reveals that HECM endorsements fell 17.4% in November – reaching its lowest point since new policy guidelines were implemented last fall.
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  • Reverse mortgage industry reacts to David Stevens' criticism

    "The observations and approach are out of date"
    David Stevens – the former head of the FHA and the MBA – made some scathing remarks about reverse mortgages last week that sparked heated criticism from members of the industry. HECM professionals say Stevens' remarks fail to acknowledge program changes that have already taken place, calling his comments disappointing and dated.
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