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Volume 4 - Number 23

November 18, 2011

Downloads Available: Top 50 HECM Lenders in 2011 - 9M 2011


HECM Claims Rise in 2011, Originations Decline

Home Equity Conversion Mortgage claims increased by a whopping 48.3 percent in FY 2011 from last year, while the number of loans originated under the program also fell on a year-over-year basis, according to Inside FHA Lending’s analysis of FHA data. HECM claims were up to 7,951 in 2011 compared to 5,361 claims filed under the program the year before.

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Are current mortgage underwriting standards too tough?

Yes, they don’t reflect current market conditions and need to be adjusted to allow borrowers with below 700 FICO scores and smaller downpayments to qualify for mortgages.
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No, the standards are appropriate given current risks and the major default problems the mortgage market has experienced over the past several years.

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