Government-insured originations by reverse mortgage lenders slowed in April. Business was better, however, than during the same month last year, while the number of active lenders in the sector moved slightly higher.
Fewer home-equity conversion mortgages were endorsed by the Federal Housing Administration last month, with volume slipping to 5,770 units from 5,840 in March.
But originators were able to raise HECMÂ production from April 2012; that month, FHA endorsed 4,595 loans.
Historical data from Reverse Market Insight, which reported the production data, indicates that so far in 2013, government-insured reverse mortgage production totals 21,632 loans.
Security One Lending closed more HECMs than any other reverse mortgage originator in April: 754. The San Diego-based company, which is under contract to be acquired by Walters Investment Management Corp., improved on its production of 676 loans the prior month.
No. 2 last month, Liberty Home Equity Solutions, originated 621 HECMs. The Ocwen Financial Corp.-subsidiary lost its No. 1 title from March, when it closed 857 reverse mortgages.
Third place went to Quicken Loans subsidiary One Reverse Mortgage LLC. The company lifted production to 517 HECMs from the previous month’s 468.
No. 4 Urban Financial Group funded 486 HECMs in April, while American Advisors Group landed the No. 5 spot with 444 endorsements.
April’s activity was generated by 444 FHA mortgagees, one more than a year earlier.
