Top Reverse Mortgage Lenders Through October 2009
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Overall reverse mortgage industry volume fell 7.4% in October 2009, coming in at 8,772 units, bringing YTD volume to 95,902 according to data from Reverse Market Insight.  Below is a list of the top HECM lenders through October 2009 and be sure to take a look at the commentary and link below which goes into more detail. The Top 10 lenders accounted for 3,845 endorsements in the month, or just under 44% of the volume. The number of active lenders in the industry has grown 8.7% vs 2008... Read Full Story
Fannie Mae Reverse Mortgage Portfolio Grows, Market Share Shrinks
The reverse mortgage portfolio of  Fannie Mae grew from $41.6 billion as of December 31, 2008 to $49.8 billion as of September 30, 2009 according to its 3Q SEC filing. The GSE estimates its market share of the total market of reverse mortgage loans outstanding was approximately 90% as of December 31, 2008.  According to the filing, changes in pricing strategy and market conditions have lead its market share of HECM acquisitions to fall to 20% during the 3Q and to 10% in September 2... Read Full Story
Over Half of Households Risk Being Able to Maintain Standard of Living in Retirement
The National Retirement Risk Index (NRRI) showed that 51% of households are at risk of not being able to maintain their standard of living in retirement.  According to the Center for Retirement Research at Boston College report, the NRRI jumped from 7% from last year due to: the bursting of the housing bubble; the stock market crash; and the ongoing rise in Social Security’s Full Retirement Age The Index results from comparing households’ projected replacement rates – retire... Read Full Story
HUD Reaches Tentative Settlement with Reverse Mortgage Lender Over Violations
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The US Department of Housing and Urban Development announced its Mortgagee Review Board (MRB) is imposing civil money penalties against two FHA approved lenders in  Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. In addition, the MRB reached tentative settlements with four other lenders and issued two Letters of Reprimand to lenders that HUD alleged violated FHA requirements. One of the lenders it reached a tentative settlement with is Cerr... Read Full Story
Fannie Mae and FHA Boost Net Worth Requirement for Reverse Mortgage Lenders
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Independent reverse mortgage bankers are facing increased net worth requirements which could change the way they currently operate. Fannie Mae announced earlier this week that it was increasing the minimum required net worth required for approved sellers to $2.5 million, plus 0.25% of the outstanding principal balance of its total portfolio of mortgage loans serviced for the GSE. Over the last 12 months, Fannie Mae has increased approved sellers net worth requirements from $1.65 million by J... Read Full Story
Sun West Re-Launching Warehouse Line Division
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Sun West Mortgage Company sent out a notice to its reverse mortgage brokers that HECM loans with FHA case numbers dated on or after 10/1/09 will no longer receive pricing adjustments for properties located in a range of states which you can see below: Type Old Pricing New Pricing Properties located in GA, FL, AL, MS and AZ   0.625% Cost No Cost Properties located in NH, NY, NJ, VT, CT and ME  0.375% Cost No Cost Approved appraisals that do not meet SWMC guideli... Read Full Story
Lenders Looking to Hire Reverse Mortgage Professionals
Reverse mortgage companies are looking to expand, check out the latest jobs from Reverse Mortgage Jobs Online: Reverse Mortgage Originator (Miami Lakes) Mortgage Bankers of Florida Loan Officer (Florida) Christensen Financial Reverse Mortgage Specialist (Nationwide) Financial Freedom Reverse Mortgage Specialist (South Carolina, Florida, Tennessee, Georgia)AAXA Mortgage Reverse Mortgage Loan Officer (Nationwide) Equitable Reverse Mortgage The best and the brightest in the industry... Read Full Story
Are States Now Listening to Reverse Mortgage Advocates?
Continued legislative activism around reverse mortgages at the state level featured a new law passed last month in California that requires reverse mortgage lenders to provide “additional, clear information to senior consumers interested in reverse mortgage products.” Among its specific provisions, the new law mandates lenders to provide a prospective borrower with a list of at least 10 HUD-approved reverse mortgage counseling agencies and a written checklist of issues to discuss with that ad... Read Full Story
Interview: Jeff Taylor Discusses Reverse Mortgage Data and Growth
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After stepping down from his position as the head of Wells Fargo’s reverse mortgage business, Jeff Taylor announced that he was joining Reverse Market Insight as Chairman to help expand the companies consulting business. With HUD’s decision to reduce the principal limits for its FHA insured reverse mortgage product, Taylor is confident there is growth out there but it will require a different approach. Taylor spoke with RMD about this approach and how an independent third party data reposito... Read Full Story
HUD Updates Reverse Mortgage Servicing FAQ
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The Department of Housing and Urban Development updated its Frequently Asked Questions (FAQ) document for HECM servicers to include additional guidance on short sale closing costs. The most recent question addressed in the new FAQ is below. Q:  What closing costs will HUD allow to be deducted from HECM sales proceeds for either mortgagor or mortgagee sales? A:  HUD does not dictate what closing costs may be deducted from HECM sales proceeds, but rather controls only what the mort... Read Full Story