The retail channel accounted for 79.3 percent of the $49.49 billion of jumbo originations reported by a diverse group of top lenders in the first quarter…
Reverse-mortgage originations with FHA insurance rose in the first quarter of 2017 from the prior quarter and from the same period last year despite a long-term slowdown in Home Equity Conversion Mortgage activity, an analysis of agency data found. HECM lenders, including an increasing number of nonbanks, produced $4.5 billion in new HECM loans during the first three months of 2017, up 16.9 percent from the prior quarter. Production also was up 16.6 percent year-over year. Purchase reverse mortgages comprised 83.6 percent of HECMs produced during the period. Borrowers appeared to favor reverse mortgages with adjustable rates over fixed-rate HECMs, which accounted for only 10.7 percent of HECMs in the first quarter. Despite increased originations in the first quarter, FHA data show a gradual decline in HECM endorsements since peaking in FY 2009 with ... [Charts]
With the Opes transaction, Flagstar acquired 39 retail offices on the West Coast, supplementing the 99 retail branches it already had in Michigan and 43 other retail home lending offices across the nation.
“Will we see the loanDepots of the world jump in?” he asked rhetorically. “There’s a lot of top lenders out there looking for innovative products to offer,” Pollock noted and left it at that.
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