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Posts Tagged ‘June’
Wednesday, August 5th, 2009
 HECM volume increased dramatically this month. 9,830 HECMs were endorsed in July, up from 8,633 last month. This is a good sign if 2009 HECM volume is to surpass the HECM volume in 2008.
The same 9 lenders continued to possess an increased market share despite one of them (World Alliance Financial Corp) going out of buisness last month. One wonders if the increased number of endorsed HECMs from World Alliance Financial Corp (also known as Senior Lending Network) are a result of them trying to close out their pipeline as fast as possible. World Alliance Financial Corp rose to the #3 spot this month from number 4 a month ago. It will be interesting to see if they remain in the #3 spot next month.
The top nine lenders are ordered below with rankings determined by the number of HECMs endorsed by the lenders YTD. Financial Freedom only endorsed 10 HECMs last month, while Countrywide endorsed 8. One Reverse Mortgage surpassed Countrywide this past month in HECMs closed YTD. Countrywide was acquired by Bank of America back in January, and it will be interesting to see if the HECM volume attributed to them continues to decline as well (so far it looks as if it has).
Finally, it is important to note that only nine lenders were highlighted because several lenders, led by 1st AAA Reverse Mortgage Inc. are clustered under Urban Financial. This group has closed between 900 and 960 leads so far this year, but is still well under Urban Financial’s totals.
Top Nine HECM Lenders by Volume – June
1. Wells Fargo
2. Bank of America
3. Financial Freedom
4. World Alliance Financial Corp.
5. Countrywide
6. One Reverse Mortgage
7. MetLife
8. Generation Mortgage
9. Urban Financial
Top Nine HECM Lenders by Volume – July
1. Wells Fargo
2. Bank of America
3. World Alliance Financial Corp.
4. Financial Freedom
5. One Reverse Mortgage
6. Countrywide
7. MetLife
8. Generation Mortgage
9. Urban Financial
The complete lender list can be found here.
Tags: 1st AAA Reverse Mortgage, Bank of America, Countrywide, financial freedom, generation mortgage, hecm, HECM volume report, July, June, lender, lender list, lenders, MetLife, One Reverse Mortgage, reverse mortgage, reverse mortgages, Senior Lending Network, Urban Financial, wells fargo, World Alliance Financial Corp
Posted in Industry News | No Comments »
Friday, July 17th, 2009
 More people are starting to build new homes again, or at least, that’s what the numbers from the unexpected rise in housing starts in June appear to show. The number of housing starts rose 3.6% (or about 20,000 seasonally adjusted starts) to 582,000 units. Even larger leaps were seen in the number of housing starts of single family homes (14.4%) and the number of permits to break ground (8.7%). Analysts had expected these values to remain unchanged from previous months.
While the number of housing starts and permits to break ground are still down around 50% from a year ago, the increase is still a sign of progress. It seems that few aspects of the real estate industry have defied analyst’s expectations recently, and the large unexpected jumps are a definite exception. Although one wonders slightly whether developers will be able to fill all their new properties, it is good to see people building homes again. Perhaps once the new properties are completed, the worst of the recession will be over.
Tags: break ground, home, homes, housing, housing starts, June, permits, real estate, real estate industry, recession, single family homes
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Tuesday, July 7th, 2009
 After falling from 11,660 HECMs endorsed in April to 8,396 HECMS endorsed in May, HECM volume increased slightly in June to 8,633 HECMs endorsed. As the graph indicates, HECM volume for the year still looks like it is on track to be higher than last year. However, one wonders if the number of HECMs endorsed will be as high as was previously thought. While the trend through April might have led one to believe that the industry would see a 144,000 HECM volume year, these trends show something more like 120,000.
Once again, the volume of HECMs is concentrated in the top few lenders, decreasing dramatically on down. Wells Fargo, the top lender, has endorsed more than twice as many loans as the number 2 lender, Bank of America. Many other lenders have only endorsed one HECM last month.
The FHA’s complete HECM volume report for the month of June can be found here.
Tags: april, FHA, hecm, hecm volume, HECMs, hecms endorsed, June, May, predictions, reverse mortgage, reverse mortgages
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Monday, June 29th, 2009
This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 30, 2009.
APR:
HECM 300: 3.48
HECM 325: 3.73
HECM 350: 3.98
HECM LIBOR 250: 2.810
HECM LIBOR 275: 3.060
HECM LIBOR 300: 3.310
Expected Rates:
HECM 300: 6.63
HECM 325: 6.88
HECM 350: 7.13
HECM LIBOR 250: 6.39
HECM LIBOR 275: 6.64
HECM LIBOR 300: 6.89
Both the HECM Libor and the HECM CMT saw significant drops in Expected Rates this week, as well as declines in their APRs.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, June, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
Posted in Consumer News, Industry News | No Comments »
Monday, June 22nd, 2009
This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 23, 2009.
APR:
HECM 300: 3.51
HECM 325: 3.76
HECM 350: 4.01
HECM LIBOR 250: 2.817
HECM LIBOR 275: 3.067
HECM LIBOR 300: 3.317
Expected Rates:
HECM 300: 6.75
HECM 325: 7.00
HECM 350: 7.25
HECM LIBOR 250: 6.47
HECM LIBOR 275: 6.72
HECM LIBOR 300: 6.97
Both the HECM Libor and the HECM CMT saw significant drops in Expected Rates this week and small declines in their APRs. Hopefully rates will continue to trend downwards.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, June, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
Posted in Consumer News, Industry News | No Comments »
Monday, June 15th, 2009
This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 16, 2009.
APR:
HECM 300: 3.56
HECM 325: 3.81
HECM 350: 4.06
HECM LIBOR 250: 2.818
HECM LIBOR 275: 3.068
HECM LIBOR 300: 3.318
Expected Rates:
HECM 300: 6.89
HECM 325: 7.14
HECM 350: 7.39
HECM LIBOR 250: 6.72
HECM LIBOR 275: 6.97
HECM LIBOR 300: 7.22
While the expected rate of the HECM LIBOR fell this week, APRs continued to rise dramatically, following a pattern we’ve seen in recent weeks.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, June, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
Posted in Consumer News, Industry News | No Comments »
Monday, June 8th, 2009
This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 9, 2009.
APR:
HECM 300: 3.50
HECM 325: 3.75
HECM 350: 4.00
HECM LIBOR 250: 2.821
HECM LIBOR 275: 3.071
HECM LIBOR 300: 3.321
Expected Rates:
HECM 300: 6.70
HECM 325: 6.95
HECM 350: 7.20
HECM LIBOR 250: 6.52
HECM LIBOR 275: 6.77
HECM LIBOR 300: 7.02
Both the expected rates and the APRs increased for the HECM CMT and the HECM LIBOR this week. Expected rates continued to rise sharply, continuing last week’s ascent.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, June, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
Posted in Consumer News, Industry News | No Comments »
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