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1. 

   Tom Jackson

   August 4, 2015 at 6:00 am

   The list of reverse mortgage closings is not accurate. Most of the companies are branch companies that use the major lenders like AAG or RM to close their loans. So if you count what they close, that number is already included in what the others closed.

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     The_Cynic

     August 4, 2015 at 9:24 am

     Tom,

     First of all you are right, the list is not accurate as to reverse mortgage closings that took place in July 2015. But the reason is not about something you call “branch companies.”

     First the list does not claim to be about reverse mortgages. It does not claim to list any other kind of reverse mortgage other than HECMs.

     Second this is not an accurate listing of reverse mortgage closings, since it only represents ENDORSED HECMs. Endorsements on HECMs normally occur several months after the related HECM is closed. Besides there is no one who claims to have a list of monthly closings of either HECMs or all reverse mortgages. No one gathers that information with sense of accuracy or completeness.

     Third the list that HECM World presents is based on the list HUD prepares as soon as possible after month’s end. The HUD monthly HECM endorsement report summarizes HECM endorsements by the FHA approved Mortgagees who submitted them. What you seem to refer to as “branch companies” are in fact TPOs as named by FHA.

     Fourth whether this list is accurate or not, one would need to compare it to the monthly HUD HECM endorsement report and do a little math to restate cumulative numbers in terms of calendar year totals. I do not want to waste my time on such an unnecessary exercise.

     Fifth, what lender are you referring to by using the acronym RM? There are at least two major approved Mortgages that have those letters in their company acronym, RMS and RMF.

     Finally, it might help if you worked with a supervisor, mentor, or colleague to learn more about our industry. It is obvious you are rather green to the industry and its accepted jargon.

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