The National Reverse Mortgage Lenders Association says originations of Home Equity Conversion Mortgages (the Federal Housing Administration-insured reverse mortgage product) were up 76% between October 2003 and January 2004 when compared with those of the previous year.NRMLA, citing statistics from the Department of Housing and Urban Development, said HECM production totaled 8,700 loans so far in the federal fiscal year, compared with 4,948 for the year before. Consumer awareness of reverse mortgages, and senior citizens' increasingly tight budgets, are responsible for the surge, NRMLA officials said. "While some signs suggest a recovering economy, many retirees are still struggling day-to-day to live comfortably or to make ends meet," said NRMLA president Peter Bell. "As a result of this, more and more older Americans are turning to reverse mortgages as the solution to their financial needs." The 10 HUD field offices where the highest numbers of HECM loans were originated in the first four months of the federal fiscal year are: Los Angeles; Santa Ana, Calif.; San Francisco; Denver; New York; San Diego; Detroit; Boston; Coral Gables, Fla. (a suburb of Miami); and Minneapolis-St. Paul.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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