HREMIC Issuance First Quarter 2017: Record Pace Continues

HREMIC issuance for 2017Q1 was $2.91 billion, surpassing 2016’s first quarter issuance total of $2.84 billion, and on pace to set a third consecutive annual record. First quarter volume was just $89 million shy of the record quarterly issuance of $3.0 billion set in 2015Q4. There were 8 transactions underwritten by three sponsors, Nomura, Bank … more HREMIC Issuance First Quarter 2017: Record Pace Continues

HUD PD&R Publication Examines HECMs

The latest issue of Cityscape, published by HUD’s Office of Policy Development and Research, is a double issue titled “Home Equity Conversion Mortgages and Transforming Communities” that includes articles on reverse mortgage collateral, tax deferral programs, reverse mortgage motivations and outcomes and analysis of the Japanese reverse mortgage market. Guest Editor William Reid summarized the … more HUD PD&R Publication Examines HECMs

Helping Delinquent HECM Borrowers in IL and CA

The Illinois Housing Development Authority (IHDA) launched the Reverse Mortgage Assistance Program last week to help HECM borrowers in the Prairie State who are in technical default for not paying their property taxes and homeowners insurance policies. The IHDA offers up to $35,000 to reinstate a homeowner’s delinquent property expenses and pay future taxes and … more Helping Delinquent HECM Borrowers in IL and CA

Start Preparing for May 15 LRS Implementation Date

The Federal Housing Administration has scheduled a third webinar for the afternoon of April 26 to help mortgagees prepare for the May 15 implementation date for the Loan Review System (LRS), as announced in Mortgagee Letter 2017-08. NEW! Live Webinar 3 – Loan Review System (LRS): Lender Monitoring, Reporting, and Other Functions, April 26, 2017, … more Start Preparing for May 15 LRS Implementation Date

HMBS March 2017: Honey We Shrunk the Float, Part II

The HMBS market shrank again in March for the second time in the last 4 months, with record prepayment numbers exceeding new issuance and negative amortization. Issuers created 103 pools in March totaling nearly $727 million. HMBS production remained steady as it has for the last several months, with an occasional bump from highly seasoned … more HMBS March 2017: Honey We Shrunk the Float, Part II

Changes Made to CHUMS

This morning, the Department of Housing and Urban Development made the following changes to its Computerized Home Underwriting Management System (CHUMS): CMCR-F17-2017-00020-Modified the HECM Financial Assessment Update screen to require the “Family Size” value to be two (2) when the “Non-Borrowing Spouse Income” compensating factor is selected. In addition, modified the HECM Financial Assessment Update … more Changes Made to CHUMS

Home Equity Grows by $170.7 Billion for Older Homeowners

Home equity levels for homeowners aged 62 and older grew by 2.8 percent in the fourth quarter of 2016 to $170.7 billion, boosting their total housing wealth to $6.2 trillion. The growth in home equity, coupled with a 2.4 percent increase in home values for the same age group, drove the NRMLA/RiskSpan Reverse Mortgage Market … more Home Equity Grows by $170.7 Billion for Older Homeowners

Research Analyses Low Usage of Home Equity Among Retirees

New research from the National Council on Aging and a new Issue in Brief published by the Center for Retirement Research at Boston College show that limited awareness and knowledge of home equity tools contribute to the low take-up of financial products, such as reverse mortgages. Conducted over eight months, NCOA’s research – funded by … more Research Analyses Low Usage of Home Equity Among Retirees