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Current Reverse Mortgage Headlines
Last Updated Tuesday, March 09, 2010 08:27 AM Texas Time

No. 1 Reverse Wholesaler Title Changes Again
As retail reverse originations slid, monthly wholesale activity continued rising. The title of biggest reverse wholesaler changed hands again.

During January, Bank of America, N.A., closed more reverse mortgages than any other U.S. lender: 1,509.

BoA's business fell from 1,887 loans the prior month.
read full story

Reverse Originations Sink as Originators Exit
As the number of players in the reverse mortgage market continues to dwindle, monthly reverse mortgage originations fell to the lowest level based on nearly two years' data. But one retail lender saw volume more than triple from January while two retail lenders pushed monthly production to the highest level yet.

All About Reverse Mortgage Lending
A bank that gave up on reverse mortgage lending at the beginning of the credit crisis has launched a new wholesale reverse lending channel, while another third-party lender hopes to help brokers focus more on the loan prospect's product education and less on sales. An originator and an issuer of reverse mortgages reported big growth, and a service provider is promoting a list of reverse mortgage prospects who are delinquent but have loan-to-values less than 60 percent.

FHA Activity Deteriorates
The monthly volume of Federal Housing Administration originations tumbled, while serious delinquency was up more than 200 basis points from a year ago. Reverse mortgage endorsements, meantime, fell and are headed lower.

Ginnie Delinquency Sinks
Reverse mortgage securitizations dropped by nearly half, helping to push overall issuances lower at the Government National Mortgage Association. But delinquency improved.

Range of Lawsuits Confront Lenders
Issues that mortgage firms are currently confronting in court include the calculation of interest, reverse mortgage advertisements and violation of the Equal Credit Opportunity Act. Mortgage insurance and employment issues are also being litigated.

2009's Biggest Reverse Mortgage Lenders
Reverse mortgage production exceeded 100,000 loans last year, and the biggest lender closed nearly one-fifth of the total. For the third month in a row, the title of biggest lender has changed hands, while the biggest reverse wholesaler relinquished its title.

Former NFL Quarterback Joins CA Mortgage Firm
A big mortgage servicing executive was named at Bank of America Corp.'s mortgage unit, while President Barack Obama disclosed his nomination for the chairman of the Federal Agricultural Mortgage Corp. and Florida's biggest reverse mortgage originators has changed companies. But the most timely appointment -- given Sunday's championship game between the New Orleans Saints and the Indianapolis Colts -- was that of a former professional football player to a California mortgage firm.

Compliance Solutions Address New Rules
As service providers team up to help originators with a complex array of revised mortgage regulations, a new report indicates that investors of residential mortgage-backed securities will see the value of their investments decline as a result of the revisions. One mortgage broker is calling for originators to go a step further than required in disclosing yield spread premiums. One firm helps reverse originators track disclosures.

MetLife Production Eases
Forward- and reverse-mortgage originations eased during the latest quarter at MetLife Home Loans, while mortgage headcount dropped by nearly 100.


FHA News | Government Resources | Mortgagee Letters
FHA, VA and HECM mortgage news. HUD and Ginnie news also. Originations, servicing and FHA approval.

Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.

HECM Loan Limit


HECM Volume Statistics


Q1 2009 reverse mortgage lawsuits


FHA News | Government Resources | Mortgagee Letters
FHA, VA and HECM mortgage news. HUD and Ginnie news also. Originations, servicing and FHA approval.


Reverse Mortgage Lenders