The HMBS market remained stuck – again – at $55 billion in September. HMBS Prepayments topped $1 billion, but was balanced by 114 new pools from 14 different issuers totaling over $879 million. September issuance divided into 49 original pools and 65 tail pools. No seasoned original new loan pools were issued. Production of original … more HMBS September 2017: Slow Climb Up the Down Escalator
The following page shows annual HECM production from 1990 to the present by federal fiscal year and by calendar year from 2001 onward.
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
A blog post published this week by AARP’s Jean Accius, titled Hanging in the Balance: The High Cost of Long-Term Services and Supports, summarized a recent panel discussion sponsored by Genworth that addressed America’s looming long-term care crisis and what needs to be done to help millions of impacted families. “For many families, anxiety levels, confusion, … more Solving America’s Long-Term Care Crisis
Testifying before the House Financial Services Committee this morning, Housing Secretary Ben Carson said he would consider adopting better tools for FHA to assess and manage risk in the Home Equity Conversion Mortgage program, including the creation of a separate insurance fund just for HECMs. “Those are things worth pursuing,” said Secretary Carson, in response … more HUD Secretary Backs Better Forecasting Tools for HECM; Comments on Co-Ops and Recent Reg Changes
The HOPE NOW alliance coordinated a series of six free mortgage assistance events in Houston from late September through early October. More than twenty-three mortgage servicing companies participated in events, including several reverse mortgage servicers, to provide their hurricane-impacted borrowers with guidance and information. NRMLA promoted the events to Houston media, liaised with the Harris … more Houston Mortgage Assistance Events Help Reverse Mortgage Borrowers Impacted by Hurricane
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HREMIC issuance for the first nine months of 2017 was $7.31 billion, about 5% behind 2016’s first nine months’ issuance total of $7.68 billion. Third quarter volume was $1.87 billion, off 26% from 2017’s second quarter issuance of $2.53 billion. There were 19 transactions underwritten by three sponsors, Nomura, Citigroup, and Bank of America Merrill … more HREMIC Issuance 2017Q3: 100.3% Market Share
AAG remains the leading HMBS Issuer for the first nine months of 2017, issuing $1.718 billion of securities for a 23.6% market share, $407 million over #2 Finance America Reverse’s $1.311 billion and 18.0% market share. AAG’s market share dropped marginally over 2017Q2, and FAR narrowed the gap by 1.3%. Reverse Mortgage Funding stayed in … more HMBS Issuer Rankings 2017Q3 – Active Issuer Count Hits New High Water Mark
To: All NRMLA Members As we reported in last evening’s Weekly Report, NRMLA has been communicating with the Department of Housing and Urban Development on HECM for Purchase issues and asking for relief for those borrowers who may have made earnest money deposits ahead of the pending PLF changes. In response, the Federal Housing Administration this … more Member Alert: FHA Updates Frequently Asked Questions Regarding H4P Transactions