Proprietary Reverse Production Up More Than HECM
A bigger month-over-month increase in volume was recorded for proprietary reverse mortgages than government-insured activity. Wholesale rose more than retail.
Wholesalers Expand Programs, Improve Process
Wholesale lenders have recently added subprime and conventional programs. One wholesaler launched an income verification tool, while another added a broker platform.
Fund Launched to Subsidize Mortgage Broker Startups
A new initiative will provide individual loan originators with $10,000 to help them start up their own new mortgage brokerage firm.
Retail HECM Endorsements Down More Than Wholesale
Although monthly originations of government-insured reverse mortgages were off less than 5 percent at wholesalers, retailers experienced a more than 7 percent drop.
Bank Share of Mortgage Market Up Again
For the second quarter in a row, banks have increased their share of the mortgage origination market at the expense of non-bank mortgage firms.
Mortgage Production Profits Up on Employee Expense
As quarterly loan originations increased, independent mortgage bankers cut their per-loan employee expenses and doubled the bottom line.
Mortgage PPEs Enhanced, Implemented by Lenders
Mortgage technology service providers have teamed up to enhance product-and-pricing engines and improve the lending process. Mobile adaptation is behind some of the enhancements.
Retail HECM Originations Up, Wholesale Down
While the monthly volume of government-insured reverse mortgages increased from the retail channel, the wholesale channel experienced a decline.
Mortgage Closures Include Wholesale, Correspondent
A correspondent investor, wholesale lender and bank were among recent mortgage-related entities to meet their end. A failed credit union is back, though.
Losses, Servicing, Staff Cut at Stonegate Mortgage
Stonegate Mortgage Corp. trimmed the size of its staff, reduced its servicing portfolio and cut its losses. Lending slowed from a year ago.