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Posts Tagged ‘September’
Tuesday, November 3rd, 2009
 We knew that reverse mortgage applications were likely to jump to new levels in September, but we did not know how much- until now. September’s FHA Outlook report shows a 72.4% increase in HECM applications in September versus August. 19,055 HECM applications were submitted in September, versus 11,051 in August.
Therefore, while only 9,473 reverse mortgages were endorsed by the FHA in September, up from 8,933 in August, the number appears poised to climb in October and November, as those who applied before the principle limit factors fell 10% on October 1st complete their applications. It is also interesting to note that the number of purchases and refinances made up a very small percentage of the reverse mortgages endorsed, with 137 HECMs for Purchase and 790 HECM Refinances endorsed in September.
Finally, as the fiscal year ended, it is good to see that the FHA’s predictions were fairly in line with the actual results. 162,619 HECM applications were filed, as opposed to the 165,000 projected in FY 2009. Of those, 114,691 HECMs were endorsed in FY 2009. This is an increase of 2.3% from last year, though still below the projected 119,700 endorsements. Nonetheless, it appears that the reverse mortgage industry grew in FY 2009, despite the recession, and appears poised for a strong beginning to FY 2010.
Tags: applications, August, FHA, FHA Outlook, FY 2009, FY 2010, hecm, HECM refinance, HECMs, HECMs for Purchase, October, reverse mortgage, reverse mortgage applications, reverse mortgages, September
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Wednesday, October 28th, 2009
 A day after positive news about existing home sales and housing prices, the data on new home sales sent a negative current through the economy. This morning it was reported that new home sales fell unexpectedly after 5 months of consecutive increases. Home sales fell from a seasonally-adjusted 417,000 new home sales in August to 402,000 in September, a decrease of 3.6%. But a survey of economists had predicted that the number of home sales would rise to 440,000 in September, leading to a prediction nearly 10% higher than the actual amount.
This is not the first time we have seen mixed housing data. While it is easy to speculate on the ups and downs of the market, only time can tell whether the bumps are telling of actual trends or merely slight deviations from the mean. This month, all the positive data about home prices and existing home sales, as well as climbing orders for long lasting goods, show that the industry may be beginning to recover, even if that recovery is a slow one with some set backs along the way.
Tags: economy, home prices, home sale, home sales, housing, housing starts, new housing starts, September
Posted in Consumer News, Industry News | No Comments »
Monday, October 5th, 2009
 September’s HECM volume report as published by HUD (U.S. Department of Housing and Development) showed that the number of HECMs endorsed increased by about 500 loans from August to September. The number of HECMs endorsed in September was 9,473, while 8,933 HECMs were endorsed in August. However, this number does not reflect the dramatic increase in the number of case numbers assigned the last week in September during the final days of the former PLF limits. As such, the number of HECMs endorsed should rise rapidly in October and November, as they are processed and closed.
In the meantime, the HECM lenders in the top 10 remained unchanged from August. These top 10 lenders are measured by the total number of HECMs endorsed so far this year, explaining why some lenders that have left the reverse mortgage business are still in the top 10. The list is as follows:
1. Wells Fargo
2. Bank of America
3. World Alliance Financial Corp
4. Financial Freedom
5. One Reverse Mortgage
6. MetLife Bank
7. Countrywide Financial
8. Generation Mortgage
9. Urban Financial Group
10. 1st AAA Reverse Mortgage
It will be very interesting to see if this list changes in the next two months as the number of HECMs endorsed increases dramatically. The complete list for September can be found on the HUD website. The changes will be reflected on the Reverse Mortgage Guides website in the Lender Directory within the next week.
Tags: 1st AAA Reverse Mortgage, August, Bank of America, Countrywide, financial freedom, generation mortgage, hecm, HECM volume report, HECMs, HUD, MetLife, One Reverse Mortgage, PLF, reverse mortgage, reverse mortgages, September, top 10 list, Urban Financial, wells fargo, World Alliance Financial Corp
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Tuesday, September 29th, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 29, 2009.
APR:
HECM LIBOR 225: 2.496
HECM LIBOR 250: 2.746
HECM LIBOR 275: 2.996
HECM LIBOR 300: 3.246
Expected Rates:
HECM LIBOR 225: 5.86
HECM LIBOR 250: 6.11
HECM LIBOR 275: 6.36
HECM LIBOR 300: 6.61
While the HECM LIBOR APR remained constant this week, the expected rate declined slightly. As this is the last week that borrowers will be able to get in under the old Principal Limit Factors (PLF) before the new PLFs go into effect on Thursday, the decline in expected rate is welcome.
Tags: 2009, APR, expected rate, hecm, hecm rates, interest rate, LIBOR, PLF, Principal limit factors, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, September, This Week, weekly hecm rate, weekly hecm rates
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Monday, September 21st, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 22, 2009.
APR:
HECM LIBOR 225: 2.496
HECM LIBOR 250: 2.746
HECM LIBOR 275: 2.996
HECM LIBOR 300: 3.246
Expected Rates:
HECM LIBOR 225: 5.89
HECM LIBOR 250: 6.14
HECM LIBOR 275: 6.39
HECM LIBOR 300: 6.64
The HECM LIBOR rates rose slightly this week for the first time in about a month. Both the APR and the expected rate went up, though the APR remained nearly the same as the week previously, rising only three one thousandths of a point. The expected rates rose five hundredths of a point.
Tags: 2009, APR, expected rate, hecm, hecm rates, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, September, This Week, weekly hecm rate, weekly hecm rates
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Tuesday, September 8th, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 9, 2009. As the HECM CMT is no longer being offered, we will no longer report its rates.
APR:
HECM LIBOR 225: 2.501
HECM LIBOR 250: 2.751
HECM LIBOR 275: 3.001
HECM LIBOR 300: 3.251
Expected Rates:
HECM LIBOR 225: 5.85
HECM LIBOR 250: 6.10
HECM LIBOR 275: 6.35
HECM LIBOR 300: 6.60
The rates for the HECM Libor fell over a tenth of a point this week, a nice development after two weeks of nearly unchanged results. This week’s rates are only good through September 14, 2009.
Tags: CMT, hecm, hecm cmt, hecm libor, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, September, This Week, this week's reverse mortgage rates
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Monday, August 31st, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 1, 2009. The HECM CMT will no longer be offered.
APR:
HECM LIBOR 225: 2.509
HECM LIBOR 250: 2.759
HECM LIBOR 275: 3.009
HECM LIBOR 300: 3.259
Expected Rates:
HECM LIBOR 225: 5.98
HECM LIBOR 250: 6.23
HECM LIBOR 275: 6.48
HECM LIBOR 300: 6.73
The rates for the HECM LIBOR this week remained almost the same as last week, rising by one hundredth of a point. As the HECM CMT will no longer be offered, we will no longer report its rates.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, September, This Week, weekly hecm rate, weekly hecm rates
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