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Review of MMI Fund’s reverse mortgage book sheds light on evolving HECM

Housing Wire

Total endorsements between fiscal years 2009 and 2023 were 863,102, a rough estimate of the total number of customers served by the HECM program since the early aftermath of the Great Recession. Loan amounts and HECM limits The actuarial report also detailed loan amount information and how these have changed since fiscal year 2009.

Mortgage 330
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HECM program study assesses policy impacts of recent years

Housing Wire

Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. A study commissioned by the U.S. Overview of findings The report was released to the public in November 2023.

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Silicon Valley’s ‘bridge bank’ resumes mortgage originations 

Housing Wire

Silicon Valley Bank resumed mortgage originations on Tuesday via its newly established “bridge bank” — just four days after California state regulators took possession of the financial institution and appointed the Federal Deposit Insurance Company (FDIC) as receivers. SVB’s mortgage origination volume reached $2.4

Mortgage 326
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Reverse purchase financing: The financing option no one is talking about

Housing Wire

They own the home with their name on the title, as with any mortgage, traditional or reverse. But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance.

Finance 419
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Impact of the CARES Act on mortgage servicing operations

Housing Wire

have taken advantage of its mortgage relief provisions. Thanks in large part to these programs, the sort of housing market crisis of the 2008-2009 Great Recession has thus far been avoided. How the National Flood Insurance Program’s recent extension provides stability for the housing market.

Mortgage 409
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FHA borrowers hit first, hardest by sinking economy

Housing Wire

The fate of Federal Housing Administration (FHA)-backed mortgages in the ongoing downcycle housing market is being compared with a canary in the coal mine by several industry experts who track the sector and are seeing early warning signs of distress. Rick Sharga, executive vp of marketing at realtytrac.

Insurance 468
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Opinion: HUD needs to lower the MIP and do it now

Housing Wire

In 2022, mortgage rates have risen faster than even most economists were forecasting, with 30-year fixed rates ending last week averaging 4.95%. The rise in rates has exceeded 200 basis points since early 2021, impacting those on the margin more than any other segment of the housing market.

Insurance 370