ReverseIQ December Summary
Written by Written by John Lunde, Reverse Market Insight Monday, 19 December 2011 13:36
December is a month to celebrate holidays and look back on the year almost finished. For those of us in the reverse mortgage business, it’s been a busy year of lender exits, financial assessment and regulatory change.
While there have certainly been some dicey moments, as we finish the year there are several glimmers of sunshine amidst what sometimes feels like a pessimist’s playground. A few short months ago it looked as though surviving lenders had retained just a tiny fraction of loans in the wake of departures by Wells Fargo and Bank of America, but an early look at November results showed the industry holding steady as Wells’ volume fell dramatically. We’ll get a better sense of it next month when we can dive deeper into the November numbers, but for now it was just the right sense of optimism to end the year on a high note.
ReverseIQ November Summary
Written by John Lunde, Reverse Market Insight Tuesday, 22 November 2011 07:53
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The month of November started off with a whimper, as the curtain pulled halfway back on the industry’s future without Wells Fargo. Endorsements dropped -16.8% in October to the lowest level since May 2010, when our industry finally bottomed after the first round of principal limit reductions from HUD. The rest of the top 10 had a mixed showing, putting doubt in the concept that other lenders can absorb significant volume that in the past has flowed through bank branch distribution networks.
President Approves $45 million for Housing Counseling in HUD Spending
Friday, 18 November 2011 14:22
The President approved the "Minibus" Appropriations Bill late Friday afternoon on November 18. Funding for counseling for Home Equity Conversion Mortgages and other programs cleared its first hurdle on November 17 when both houses of Congress approved the spending bill including $45 million dedicated for housing counseling programs.
Read more: President Approves $45 million for Housing Counseling in HUD Spending
Ways to Boost Business During the Holidays
Written by Alain Valles, CRMP Thursday, 10 November 2011 06:13
Are you one of those people who believes business grinds to a halt from Thanksgiving through the New Year? Or that seniors are too busy to think about a reverse mortgage, let alone complete an application? As Henry Ford said, “If that’s what you believe then it must be true.”
For me, it is just the opposite. I find the holiday season to be a fantastic time to generate leads, submit applications, cultivate new relationships, and solidify existing referral sources.
October HECM Lenders Report
Written by Reverse Market Insight Thursday, 03 November 2011 11:35
Well, Well, Wells
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We’ve known for some time now that Wells Fargo’s endorsement numbers would drop dramatically as we headed toward the end of the year – now we have our first month’s view of the industry ex Wells.
HECM endorsements for October were down -16.8% to 4,653, the lowest total since the industry bottomed out in May 2010 from the first principal limit reductions. Wells Fargo wasn’t totally absent from October’s endorsements, with 787 loans still good for second place behind Metlife, but that’s probably more bad news than good.
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