General World News

Reverse mortgage volume, securities issuance fall in February

Despite feelings of optimism expressed by loan originators in the opening weeks of 2024, the road to more normalized levels of reverse mortgage volume and securities issuances may be longer than expected.

Home Equity Conversion Mortgage (HECM) endorsements fell 11.8% to 1,900 loans in February, a drop telegraphed by lagging case numbers and sluggish endorsement activity in January, according to data compiled by Reverse Market Insight (RMI).

HECM-backed Securities (HMBS) issuance also recorded lower performance in February, dropping to $429 million. That was down 3.6% from the $445 million figure in January, according to Ginnie Mae data details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com