{"id":58372,"date":"2024-08-10T03:03:11","date_gmt":"2024-08-10T01:03:11","guid":{"rendered":"https:\/\/housesmarketplace.com\/reverse-mortgage-volume-rose-in-july-while-securitizations-fell\/"},"modified":"2024-08-10T03:03:11","modified_gmt":"2024-08-10T01:03:11","slug":"reverse-mortgage-volume-rose-in-july-while-securitizations-fell","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/reverse-mortgage-volume-rose-in-july-while-securitizations-fell\/","title":{"rendered":"\u041e\u0431\u044a\u0435\u043c \u043e\u0431\u0440\u0430\u0442\u043d\u043e\u0439 \u0438\u043f\u043e\u0442\u0435\u043a\u0438 \u0432\u044b\u0440\u043e\u0441 \u0432 \u0438\u044e\u043b\u0435, \u0442\u043e\u0433\u0434\u0430 \u043a\u0430\u043a \u043e\u0431\u044a\u0435\u043c \u0441\u0435\u043a\u044c\u044e\u0440\u0438\u0442\u0438\u0437\u0430\u0446\u0438\u0438 \u0443\u043f\u0430\u043b"},"content":{"rendered":"
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The reverse mortgage industry\u2019s key performance indicators were split in July, according to data from industry analysts.<\/p>\n

Home Equity Conversion Mortgage (HECM) endorsements increased by 8% from June to July, with the total of 2,274 falling reasonably in line with Federal Housing Administration<\/strong><\/a> (FHA) HECM case numbers. This is according to data<\/a> compiled by Reverse Market Insight<\/strong><\/a> (RMI).<\/p>\n

Meanwhile, HECM-backed Securities (HMBS<\/a>) issuance fell by $47 million in July to a total of $450 million for the month. There were 80 pools issued, six fewer than in both May and June. This is according to Ginnie Mae<\/strong><\/a> data and private sources compiled<\/a> by New View Advisors<\/strong><\/a>.<\/p>\n

HECM data is a \u2018yo-yo\u2019 right now<\/h2>\n

RMI\u2019s HECM Lenders reported described the past few months of HECM endorsement data as a \u201cyo-yo\u201d when considering the rising and falling numbers over the past several months. Analysts said another month of data is likely required to establish a firmer trend for how the industry is performing.<\/p>\n

But FHA case number assignments did help to telegraph last month\u2019s increase, according to Jon McCue, director of client relations at RMI.<\/p>\n

\u201cI would say that, yes, case numbers predicted this jump given that between February to May, each of those months had well over 3,000 case numbers, with March and April leading the way,\u201d McCue told HousingWire<\/strong>\u2019s Reverse Mortgage Daily (RMD). \u201cThat would fall in line typically with the timing of July endorsements.\u201d<\/p>\n

Four of the top 10 lenders in the space recorded month-over-month declines in endorsements, but looking further down the list, McCue noted that there were several instances of notable year-to-date growth in HECM volume.<\/p>\n

\u201cGuild Mortgage<\/strong><\/a> is up over 1,700%, but that is mostly because they were not doing much last year until they acquired Cherry Creek Mortgage<\/strong><\/a>, so a lot of this has to do with that acquisition and others,\u201d he said. \u201cMovement Mortgage<\/strong><\/a> is another one with a similar story given the team that moved over there, and now they are up 257%.\u201d<\/p>\n

CrossCountry Mortgage<\/strong><\/a> also recorded year-to-date growth of 171% with renewed reverse mortgage business efforts and additional team members, while CMG Financial<\/strong><\/a> has been making larger investments in the space as evidenced by its 500% HECM increase through the first seven months of the year.<\/p>\n

Finally, Guaranteed Rate<\/strong><\/a> \u2014 which recently rebranded<\/a> to Rate<\/strong> \u2014 \u201calso made news last year when they added new leadership<\/a> and are now up 870%,\u201d McCue said. \u201cAll of these are comparing the first seven months of 2024 to [the same period in] 2023, and one can see that the investments these companies performed have made an impact.\u201d<\/p>\n

As talk of mortgage rate decreases has accelerated<\/a> in recent days, this could also have an impact on the year\u2019s HECM business if it comes to pass.<\/p>\n

\u201cLike any mortgage, a drop in rates would make it easier for companies to qualify more borrowers, but what will be very interesting in addition is what effect that could have on HECM-to-HECM (H2H) refinances,\u201d McCue said.<\/p>\n

H2H refis have been a low source of business ever since rates substantially increased<\/a> from their historic low points. In the pandemic-fueled low-rate environment, H2H refis accounted for as much as 50%<\/a> of total HECM business before falling significantly in subsequent years.<\/p>\n

HMBS issuance drops \u2018sharply\u2019<\/h2>\n

New View Advisors characterized the July drop in issuance as \u201csharp,\u201d as HMBS securitizations remain near historic lows since 2010 for the Ginnie Mae-backed program.<\/p>\n

One source of hope is the development of \u201cHMBS 2.0<\/a>,\u201d a complementary securities issuance program that Ginnie Mae recently released a term sheet for \u2014 and for which industry participants recently submitted comments<\/a>.<\/p>\n

\u201cOnce implemented, HMBS 2.0 should increase HMBS issuance substantially by financing most mandatory buyouts, which were just under $500 million last month according to Recursion<\/strong>,\u201d New View said in its commentary accompanying the issuance data.<\/p>\n

In terms of issuer rankings, Finance of America<\/strong><\/a> (FOA) once again took the top spot in July with $139 million in issuance, which still accounted for a $20 million dip from June levels. Longbridge Financial<\/strong><\/a> was No. 2 at $104 million, recording a less severe drop of $4 million for the month.<\/p>\n

PHH Mortgage Corp.<\/strong><\/a> was next at $98 million, followed by Mutual of Omaha Mortgage<\/strong><\/a> with $63 million. The former Reverse Mortgage Funding<\/strong> (RMF) portfolio, now under the control of Ginnie Mae<\/a>, again issued no pools.<\/p>\n

Despite the low activity in the issuance market, the overarching HMBS program is currently pretty healthy, according to New View partner Michael McCully.<\/p>\n

\u201c[Low issuance levels and HMBS program health are] not really related,\u201d McCully said. \u201cHMBS continues to execute well.\u201d<\/p>\n

But a moderation in rates could come with an immediate impact, presuming the drop is substantial enough, he said.<\/p>\n

\u201cA meaningful reduction in the 10-year Treasury rate will help industry origination volume, and therefore HMBS issuance, once the origination lag between sourcing customers and closing is factored in,\u201d McCully said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The reverse mortgage industry\u2019s key performance indicators were split in July, according to data from industry analysts. Home Equity Conversion Mortgage (HECM) endorsements increased by 8% from June to July, with the total of 2,274 falling reasonably in line with Federal Housing Administration (FHA) HECM case numbers. This is according to data compiled by Reverse […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58372","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nReverse mortgage volume rose in July while securitizations fell - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/reverse-mortgage-volume-rose-in-july-while-securitizations-fell\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reverse mortgage volume rose in July while securitizations fell - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"The reverse mortgage industry\u2019s key performance indicators were split in July, according to data from industry analysts. 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