According to a recently released report by the Department of Housing and Urban Development (HUD), the Federal Housing Administration is projecting that reverse mortgage endorsement volume will decline in 2010. It would be the first year over year decline the industry has experienced in at least a decade. According to the report, FHA estimates the industry will endorse 106,875 HECMs during HUDs fiscal year 2010 which represent a 7% decline from endorsements in 2009.
Other interesting protections from the report:
- 3,420 HECM for purchases endorsed, up from 423 in FY 2009
- 7,268 HECM refinances, down from the 8390 in FY 2009