According to Reverse Mortgage Daily, the reverse mortgage sector has remained strong, with more than 4,000 loans per month.
According to Reverse Mortgage Daily, the reverse mortgage sector has remained strong with more than 4,000 loans per month.
In the publication, recent remarks from John Lunde, President of Reverse Market Insights, at the virtual summer meeting of the National Reverse Mortgage Lenders Association cited. He stated that the penetration of reverse mortgage products has decreased over time due to two metrics after RMD.
« Nobody wants their market share to decrease, » Lunde said, according to the RMD report. “But if we really start to drill a bit, we’ll see that both of the numbers involved here are moving against us. The number of HECMs in the servicing portfolios has basically declined since the Principal Limit Factor (PLF) was changed in 2017. At the same time, we continue to see an increase in the number of old-age households. For those two reasons, we are actually seeing penetration go down. ”
“ In general, one of the things that has happened a lot lately and in recent years is the granting of loans to the FHA, ”added Lunde added. “Actually, that doesn’t remove them from the penetration equation. When we think about loans exiting the servicing portfolio, while they are coming from a lender’s servicing portfolio, they are actually only moving into FHA’s servicing portfolio. One of those big numbers there doesn’t really reduce penetration, but at the same time we think about it, “How do the other, different factors come about?” We are currently seeing very low interest rates and soaring property prices. ”
Lunde also commented that when it comes to refinancing, the refinancing industry is just processing the loans, not adding any new customers as an industry. He believes that while the industry is better serving the existing pipeline of customers, it is not doing enough to get the product better known in the mainstream.
Read more about why the refi activity surge and the low Interest not enough to grow the reverse mortgage industry.
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