Reverse mortgage lenders lifted their government production during January to the highest level in a year. Last month’s biggest producer is in the process of being acquired.
The Federal Housing Administration endorsed 5,189 home-equity conversion mortgages during the first month of the year.
That was the best month since February 2012, when 5,426 HECMs were endorsed by FHA.
Reverse Market Insight, which provided the statistics, indicated that HECMÂ volume was 3,912 a month earlier and 5,175 a year earlier.
Last month’s biggest HECM player was Liberty One Home Equity Solutions, where volume jumped to 764 HECMs from December’s 573.
Liberty previously operated as Genworth Financial Home Equity Access Inc. and is expected to be acquired by Ocwen Financial Corp. during the first quarter.
January’s No. 2 was Security One Lending, which generated 646 endorsements. Security One’s volume improved from 421 units in December.
American Advisors Groupfollowed with 540 HECMs endorsed during January, then 458 at One Reverse Mortgage LLC and 244 at Generation Mortgage Co.
There were 279 active lenders in January, nine more than a year prior.
