FHA Business Inches Up But Poised to Slip
Monthly government-insured mortgage originations move up but could retreat based on new applications. Delinquency on government home loans worsened.
Proprietary Reverse Mortgage Origination Sinking
Originators of proprietary reverse mortgages have seen business worsen for three months in a row. On the government-insured side, wholesale reverse lenders have experienced a bigger drop over the past year than retail lenders.
Ginnie MBS Issuance Up 3 Months in a Row
For the third consecutive month, Government National Mortgage Association issuance has increased. Overall residential and jumbo activity strengthened, while reverse mortgage and multifamily business weakened.
HECM Endorsements Sink to Lowest Level Since 2012
Federally insured reverse mortgage originations sank last month, falling to the lowest level since 2012. One company is maintaining a more than one-quarter market share.
Reverse Lender Accused of Misleading Advertising
A reverse mortgage lender has settled allegations that it used deceptive advertising in its direct mail marketing campaign.
Reverse Lender Ends Originations, Bank Fails
A nearly century-old financial institution in Oklahoma has been shuttered by bank regulators, while the reverse mortgage subsidiary of a big servicer has stopped originating new business.
Wholesale HECM and Proprietary Reverse Biz Sink
Among originators of proprietary reverse mortgages, month-over-month volume tumbled by more than a quarter. On the government side of the business, wholesale production was down nearly a fifth.
FHA Reducing Risk on HECMs
The Federal Housing Administration is taking steps to address heightened risk from mortgagees that are pushing borrowers to take maximum draws on reverse mortgages as early as possible.
BNY Opening Third Party HECM Business
BNY Mellon is getting into the government-insured reverse mortgage business. Loans will be originated through third parties.
FHA Reverse Mortgage Production Increases
The origination of government-insured reverse mortgages accelerated last month, though a single company with a nearly one-third market share was responsible for much of the improvement.