Reverse Mortgage Wholesalers Outperform Retailers
Monthly reverse mortgage volume from wholesale lenders moved higher as retail production slumped. Business exploded at February's busiest reverse lender.
MBS Issuance Slows to a Trickle at Ginnie
New business had already fallen to the lowest level in nearly six years at the Government National Mortgage Association, but last month it went even lower. Deterioration would have been deeper were it not for an uptick in jumbo and reverse mortgage issuances.
Reverse Mortgage Business Launched
A new division has 360 Mortgage Group LLC originating reverse mortgages and offering a reverse mortgage processing platform.
Mortgage Lenders Have LOS Options
At the top of the headlines for loan origination systems is the recent service outage at Ellie Mae. A range of other LOS providers have been touting new clients, including a reverse mortgage lender, and product integrations with providers of appraisal services and risk mitigation.
Walter Investment Unit Drives Drop in HECM Production
A steep decline in the monthly volume of government-insured reverse mortgages closed by Walter Investment Management Corp.'s reverse lending subsidiary was enough to drive the entire sector lower.
HECM Lenders Settle With HUD
Bank of America Corp., which has been out of the reverse mortgage business for years, was among two companies to settle charges of violating guidelines on government-insured reverse mortgages.
FHA Production Rises, Delinquency Down
Government-insured mortgage originations edged higher during the first month of this year and appeared to hold up in February. The delinquency rate dropped.
Mixed FHA Performance
In the final month of last year, Federal Housing Administration originations and delinquency increased from November. Compared to a year earlier, however, production and delinquency sank.
Wholesale Channel Fuels Rise in HECM Production
On a month-over-month basis, proprietary reverse mortgage lending turned in the biggest gains, while it was government-insured activity that was stronger compared to a year earlier. The wholesale channel outperformed the retail channel on both counts.
OneWest Unloading Reverse Mortgage Unit
OneWest Bank FSB hopes to unload a subsidiary that at one time was the second-biggest originator of reverse mortgages.