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| Home-equity conversion mortgage originations managed a gain last month and are up more than 20 percent from last year. A metropolitan area in Florida saw more reverse mortgage volume than any other U.S. market.Reverse mortgage production was 11,660 units during April, according to Reverse Market Insights. Activity edged higher from 11,261 in March and climbed from 9,564 in April 2008.
So far this year, 41,865 HECMs have been closed. Wells Fargo Bank, N.A., remained the dominant retail HECM lender, closing 2,194 reverse mortgages in April and up from 2,189 the prior month. Bank of America, N.A., was next, rising to 1,321 from March’s 1,121. World Alliance was No. 3, with 674 loans. World shot up from the No. 5 spot in March, when it closed just 239 units. With 335 units last month, Financial Freedom was next — though volume fell from March’s 376. And No. 5 was One Reverse Mortgage LLC, which closed 302 HECM loans — tumbling from 494 in March. By market, Miami has seen the most HECM loans closed so far this year: 2,429. Los Angeles was next, with 1,731 units, then New York, where 1,522 reverse mortgages were closed. Chicago followed with volume of 1,414, then Richmond, Va., where 1,413 HECMs were closed. |
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