Whale of Tail drives HMBS Issuance in October 2015

HMBS issuers created approximately $789 million in new HMBS pools during October 2015, driven by record tail issuance of $291 million. The tail issuance includes two pools totaling nearly $100 million issued by Wells Fargo, marking their first HMBS issuance since June 2012. Last month’s HMBS issuance total exceeds both September’s $680 million in and … more Whale of Tail drives HMBS Issuance in October 2015

Reverse Mortgage Professionals Offer Helping Hand to Area Seniors

Members of the industry focused on supporting senior homeownership shared a meaningful connection this weekend with hundreds of senior citizens who live in the single residency occupancy hotels and homeless shelters of San Francisco’s Tenderloin District. More than 70 members of NRMLA spent Sunday morning (November 15) preparing meals, distributing Thanksgiving grocery bags, and socializing … more Reverse Mortgage Professionals Offer Helping Hand to Area Seniors

Nobel Laureate Espouses Reverses

While addressing the annual conference of The BAM Alliance, a community of more than 140 independent wealth management firms, MIT Economics Professor and winner of the 1997 Nobel Prize for Economics, Robert Merton, said reverse mortgages will become a “key means” of saving for retirement. Merton’s comments were summarized in an article titled “Robert Merton … more Nobel Laureate Espouses Reverses

RMI to Help Manage HERMIT

Reverse Market Insight, Inc., Dana Point, CA, the reverse mortgage industry’s main data collector, was awarded a contract by the U.S. Department of Housing and Urban Development to assist with the ongoing maintenance of the Home Equity Reverse Mortgage Information Technology (HERMIT) system. Reverse Mortgage Solutions, Spring, TX, began developing HERMIT in 2009 and formally … more RMI to Help Manage HERMIT

HUD Extends Due and Payable Timeline

The U.S. Department of Housing and Urban Development granted mortgagees an extension through January 18, 2016, to identify loans in their portfolios that must be called due and payable, or first legal action initiated, because they are in a technical default status and have no way of being cured. Mortgagee Letter 2015-11, published on April … more HUD Extends Due and Payable Timeline

Introducing the New View Advisors Reverse Mortgage Draw Index

New View Advisors is pleased to announce the introduction of its Reverse Mortgage Draw Index. The New View Advisors Reverse Mortgage Prepayment Index has become the industry standard since its introduction in 2010. Ginnie Mae’s HMBS program was then in its infancy, but now dominates the HECM industry. Each month, Ginnie Mae releases pool level … more Introducing the New View Advisors Reverse Mortgage Draw Index

Total Outstanding HMBS – How Long Will It Rise?

Total outstanding HMBS is $52.35 billion for September 2015, up from just under $52.21 billion at the end of August. We estimate that this increase is composed of approximately $161 million in negative amortization, plus the $680 million in new issuance, minus about $701 million in payoffs. Total outstanding HMBS has been increasing each month, … more Total Outstanding HMBS – How Long Will It Rise?

HUD Updates Foreclosure Policies

The U.S. Department of Housing and Urban Development increased the cap on foreclosure attorneys’ fees that may be eligible for reimbursement on FHA insurance claims and published a list of acceptable time frames within every state for completing the foreclosure process. Beginning January 1, 2016, the policies announced in Mortgagee Letter 2015-24 last week will … more HUD Updates Foreclosure Policies