The U.S. government insured more reverse mortgages in November, and it looks like this year will finish with an annual gain.
Last month, 4,690 home-equity conversion mortgages were endorsed by the Federal Housing Administration.
Originations increased from October, when HECM endorsements came in at 4,188.
Business for the reverse mortgage sector was also better than in November 2012, a month when FHA endorsed 4,436 loans.
The data from Reverse Market Insight indicated that HECM endorsements amounted to 56,899 during the 11 months ended Nov. 30. Year-to-date volume was up from 53,716 at the same point last year — and with just one month left in 2013, it is highly probably that full-year volume will increase from 2012.
With 683 HECMs endorsed, American Advisors Group had more volume than any of its peers. Business at American Advisors was down, however, from the prior month’s 801 endorsements.
The next biggest HECM originator in November was Security One Lending/RMS, where volume rose to 564 loans from the previous months 442.
After that was One Reverse Mortgage LLC’s 475 units, Liberty Home Equity Solutions Inc.’s 471 HECMs and Urban Financial Group’s 334 endorsements.
Just 540 HECM originators were active last month, slightly fewer than 553 the prior year.
