Lenders closed a record 43,131 federally insured reverse mortgage loans in the federal fiscal year ended Sept. 30, up from the previous year's record of 37,829, according to the National Reverse Mortgage Lenders Association.It was the fifth consecutive year of record originations for such mortgages, NRMLA reported. The Home Equity Conversion Mortgage, which is insured by the Federal Housing Administration, accounts for about 90% of all reverse mortgage loans made in the United States. According to NRMLA, the top market for HECM production in fiscal 2005 was Los Angeles, where 3,915 loans were closed -- followed by Santa Ana, Calif., 3,067; Sacramento, Calif., 2,161; San Francisco, 2,040; and Denver, 1,515. The association said volume growth could have been much higher were it not for the fact that there are significant delays in some parts of the country in scheduling mandatory counseling. "Put simply, there aren't enough counselors to handle the high volume of requests," said Peter Bell, president of NRMLA. The association can be found online at http://www.reversemortgage.org.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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