New York’s Reverse Mortgage Market is a growing one. Data from 2001-2008 shows that Bank of America is not a player in New York, at least not yet.
| Top New York HECM Lenders |
HECM
Loans
Sep-2001
to
Feb-2008 |
| BNY MORTGAGE COMPANY LLC |
3,128 |
| WELLS FARGO BANK NA |
2,270 |
| FINANCIAL FREEDOM SENIOR FUNDI |
2,218 |
| VERTICAL LEND INC |
871 |
| M AND T MORTGAGE CORPORATION |
798 |
| M AND T BANK |
699 |
| COMMUNITY HOME EQU CONV CORP |
696 |
| FAST TRACK FUNDING CORP |
634 |
| AGENCY FOR CONSUMER EQUITY MOR |
595 |
| WELLS FARGO HOME MORTGAGE INC |
298 |
| CAMBRIDGE HOME CAPITAL LLC |
286 |
| AMSTON MORTGAGE |
283 |
| UPSTATE CAPITAL INC |
217 |
| USA FINANCIAL RESOURCES INC |
201 |
| CONCORD MORTGAGE CORP |
137 |
| CONTINENTAL HOME LOANS INC |
134 |
| FAMILY HOME FINANCE CORP |
111 |
| RESIDENTIAL EQUITY FUNDING COR |
110 |
| UNITED MORTGAGE CORP |
107 |
| UNITED NORTHERN MORTGAGE BANKE |
101 |
| CARTERET MORTGAGE CORPORATION |
94 |
| SOUTHERN STAR MORTGAGE CORP |
93 |
| AIG FEDERAL SAVINGS BANK |
68 |
| BEST INTEREST MORTGAGE CORP |
65 |
| ALBANY MORTGAGE GROUP INC |
64 |
Written by charles dennis on January 16th, 2008 with no comments.
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As we have discussed for sometime here at Reverse-Loans.net, the reveres mortgage market is getting highly competitive. A recent report from the WSJ discusses just that same point:
It may sound hard to believe, but one part of themortgage market is hot: reverse mortgages. And that’s giving older homeowners more options to tap the equity in their homes — but also opening the door to more confusion and mistakes. Only a year ago, homeowners interested in reverse mortgages had little to choose from beyond the plain-vanilla, government-backed products that have long dominated the market. Such mortgages essentially allow homeowners at least 62 years old to sell a large chunk of their home equity back to a…… Read the rest
Written by charles dennis on November 21st, 2007 with no comments.
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The Australian reverse mortgage market has yet to fulfill its potential.
The potential market size for reverse mortgages in Australia is enormous, but recent data shows that industry growth has stagnated in 2007. At present, the market is thought to be worth A$1.8 billion. However, with life expectancy ever increasing and a rising number of financially unprepared pensioners, the market is expected to boom in the future. Read the rest.
Written by charles dennis on October 1st, 2007 with no comments.
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Aug. 29 (Bloomberg) — U.S. Senator Charles Schumer called on Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate “above-market fees” to help homeowners struggling to make payments on subprime mortgages.
Countrywide, the biggest U.S. mortgage lender, should stop paying higher commissions to brokers who steer borrowers to high-cost loans that “are designed to fail,” Schumer told reporters in Washington today.
“I am calling on Countrywide, as our nation’s largest lender, to bury its bad business practices and reverse some of the damage it has already inflicted on our housing market,” the New York Democrat said. (more…)
Written by charles dennis on September 14th, 2007 with no comments.
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SAN FRANCISCO — After years of being heralded as the next big thing in banking, reverse mortgages have come into their own, morphing from a mom-and-pop industry to big business in just the last six months.
Genworth Financial Inc. of Richmond, Va., signed a deal in July to acquire the No. 4 player in the reverse-mortgage industry, Liberty Reverse Mortgage Inc. of Rancho Cordova, Calif. A month earlier, Bank of America Corp. acquired the No. 3 player in the field, the reverse-mortgage business of Seattle Mortgage Co.And in May, the embattled Countrywide Financial Corp. of Calabasas, Calif., the nation’s top mortgage originator, entered the market with its first reverse-mortgage product.
The moment is right for big companies to discover reverse mortgages because of the ever-growing population of baby boomer retirees, according to industry executives.
“It’s the right opportunity, right time given our core mission,” said Ron Cordes, chairman of AssetMark Investment Services Inc., a Pleasant Hill, Calif.-based subsidiary of Genworth. “From accumulation to distribution, that’s the big theme at Genworth.”
But some industry observers believe that big banks are motivated by more than (more…)
Written by charles dennis on September 5th, 2007 with no comments.
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After a decade of retirement, John and Stella Dohrer were increasingly feeling squeezed financially as living costs edged upward year after year.
The Mesa couple weren’t starving, but their Social Security payments weren’t always enough to meet monthly insurance costs.
So earlier this year, they tapped into the equity built up in their modest townhouse on University Drive using a reverse mortgage.
“It’s just been something good for us that gets us over the hump every month,” said Stella Dohrer, 78. (more…)
Written by charles dennis on August 27th, 2007 with no comments.
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It seems as though by the mountains of emails I receive regarding the reverse mortgage in other countries, America is not alone in their quest to exploit the popular new mortgage product. In Australia, brokers and estate planners are lining up to gain accreditation to complete the loans.
Over Fifty Group (OFG) and SEQUEL have partnered up to provide reverse mortgage accreditation courses for brokers and planners.
Driven by the growing popularity of reverse mortgages and equity release products, as well as growing pressure from consumer groups such as Choice, the course will be offered free, but with a $75 registration fee payable to SEQUAL.
Technical services manager Benedict Davies said the establishment of SEQUAL’s accredited course earlier this year helped develop the seminar program, which formalises training work OFG had already done in reverse mortgages,
“As a product provider, we want to ensure intermediaries who recommend the product have an acceptable level of training. It protects our interests but importantly it protects the consumer’s interests as well,” he said.
Benedict said he hoped to get around 100 planners and brokers to the sessions, 50 per half-day course.
Courses will be available in all mainland states, but will exclude Tasmania and the Territories. However, Davies said if there was demand, extra seminars could be arranged.
Written by charles dennis on August 3rd, 2007 with no comments.
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News organizations and wire services are increasingly covering more news and information involving reverse mortgages and that is good news for the consumer. Now there is a greater collection of information that can be used in the research of selecting whether or not a reverse mortgage is good for you or not. Here is a recap of some of the latest news that I have read.
Written by charles dennis on July 23rd, 2007 with no comments.
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Greetings on this 4th of July. I received this great press release in my inbox and wanted to share. Enjoy the holiday!
WASHINGTON, June 28 /PRNewswire/ — Americans age 62 or older hold an estimated $4.3 trillion of home equity according to the NRMLA/Hollister Reverse Mortgage Market Index (RMMI). Although the reverse mortgage industry has seen tremendous growth in the last five years, only a little more than 300,000 reverse mortgages have been originated in its short history, representing less than 1% market penetration.
The index, launched today by the National Reverse Mortgage Lenders Association (NRMLA) and The Hollister Group is the first market indicator to collect critical market, housing and demographic data, and to track and project the market for reverse mortgages.
In the first quarter 2007 alone, there was a $19 billion increase in senior home equity. This increase was reflected in a 0.4% increase in the RMMI to 205.6 from 204.7 in the prior quarter. The index will reflect the current value of (more…)
Written by charles dennis on July 4th, 2007 with no comments.
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Good people, my great grandmother once told me that not everything that glitters is gold. It is so important to take your time when considering long term financial decisions that can affect you long term. In other words, if it sounds to good to be true, it probably is. The Houston Chronicle recently followed a few seniors that have fallen prey to schemes invloving their homes, please read and make sure it does not happen to you.
Shortly after Anita Spivey filed for bankruptcy, letters poured in from companies promising to help her avoid foreclosure.
One solicitor enrolled her in a reverse mortgage, which allowed the 63-year-old to live in the house free. Her family won’t inherit the home unless they pay off a $35,000 mortgage balance after she dies.
“I know what I’m getting into,” she said.
Other seniors, however, don’t understand the implications of reverse mortgages, consumer advocates say. And in some cases, scam artists use the loans and other tactics to dupe seniors with bad credit out of their homes. Full Story
Written by charles dennis on June 29th, 2007 with no comments.
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