Annual HECM Endorsements Sink to 13-Year Low
The volume of reverse mortgages insured by the federal government descended last month, leaving annual activity at the lowest level in 13 years. New appraisal requirements are likely to exacerbate the slowdown.
2nd Appraisal to Be Required on Some HECMs
Ongoing losses in the government-insured reverse mortgage program have led to a new policy that will require a second appraisal on some transactions.
Proprietary Reverse Mortgage Programs Proliferate
As home equity among seniors continues to balloon, the pace of government-insured reverse mortgage lending has slowed. But several proprietary programs have been created to pick up the slack -- including a new second-lien product.
FHA Delinquency Tumbles, Endorsements Edge Up
There was a monthly up tick reported in new business at the Federal Housing Administration, though a dip will likely follow. Single-family delinquency tumbled 48 basis points.
Ginnie's Jumbo Issuance Sinks to 4-Year Low
As monthly issuance ascended to the highest level in nine months at the Government National Mortgage Association, jumbo securitizations retreated to a low not seen in nearly four years.
HECM Endorsements Up 2 Months in Row
For the second consecutive month, the production of federally insured reverse mortgages has nudged higher. But activity remains well short of the year-earlier level.
Ginnie's HMBS Issuance Falls to Nearly 4-Year Low
Reverse mortgage securitizations on behalf of the Government National Mortgage Association fell to an almost four-year low. Overall issuance was little changed.
FHA Endorsements Inch Up, Might Rise More
Monthly Federal Housing Administration business inched higher and might accelerate further. Delinquency turned sharply higher, and reverse mortgage production was the slowest it's been in four years. But commercial mortgage endorsements doubled.
Mortgage Originations Up at Finance of America
New quarterly mortgage business was better at Finance of America Holdings LLC. But the size of the company's servicing portfolio and staff was down.
Ditech Originations Dip But Likely Turning Higher
Though quarterly originations softened at Ditech Holding Corp., an increase is underway for the current period. The servicing portfolio continued to shrink, as did reverse mortgage headcount. Losses subsided, but liquidity remains a huge concern.