HECM Changes Drive New Proprietary Programs
Changes to requirements for home-equity conversion mortgages have driven reverse mortgage lenders to develop new proprietary programs.
Ginnie Mae Issuance Increases
Monthly securitizations turned higher at the Government National Mortgage Association, with apartment loan activity ascending to the strongest level since last year. Reverse mortgage issuance exceeded $1 billion.
FHA Biz Up & Further Ascension Likely, HECMs Down
New loans insured monthly by the Federal Housing Administration rose, and further escalation is likely -- though reverse mortgage volume was down again. Delinquency fell to the lowest rate in eight months. Multifamily business was off.
Impac Servicing Grows, MSR Losses Swing to Gain
As Impac Mortgage Holdings Inc. has grown its servicing portfolio over the past year, it has turned losses on mortgage-servicing rights into gains. Originations declined, and layoffs are ongoing.
Nationstar Defies Drop in Home Lending at Peers
Declining origination income was more than offset by soaring servicing income at Nationstar Mortgage Holdings Inc. -- which bucked a downward quarter-over-quarter origination trend among its peers. Reverse mortgage assets expanded.
Ocwen Swings to Profit as Originations Sink
Despite significantly lower mortgage originations -- including reverse mortgage lending -- Ocwen Financial Corp. managed to swing from a quarterly loss to a profit. The servicing portfolio was reduced.
HECM Endorsements Sink to 3-Year Low
Government-insured reverse mortgage production turned sharply lower last month, with volume plummeting to the lowest level in more than three years.
Appeals Court Decision a Win for Reverse Lenders
A decision handed down by a Florida appeals court bodes well for reverse mortgage lenders. At issue are the rights of non-borrowing surviving spouses.
FHA Business Sinks to 3-Year Low
Residential production at the Federal Housing Administration was the lowest it's been in three years. An improvement was reported for single-family delinquency. Reverse mortgage endorsements were also lower.
3-Year Low for Ginnie Mae MBS Issuance
Securitizations on behalf of the Government National Mortgage Association fell to the lowest level in more than three years. But securities outstanding kept growing. Reverse mortgage issuance was the lowest it's been since 2014.