Following two of the busiest months it has seen in a while, the Federal Housing Administration endorsed the smallest number of reverse mortgages in eight months.
Home-equity conversion mortgages endorsed by FHA in March numbered 4,300 — the lowest number of HECM endorsements since 4,254 were endorsed in July 2017.
HECM endorsements were 5,201 in February — the second-most during the last 11 months. January of this year was the busiest month since March 2011.
In all,
15,814 HECMs were endorsed by FHA during the first-three months of this year.
Reverse Market Insight reported the data.
During March 2017, FHA endorsed 5,364 HECMs.
This year’s HECMs were originated by 300 FHA mortgagees — more than the 288 lenders that were active through the same date last year.
With 1,158 HECM endorsements last month, American Advisors Group was the business reverse mortgage lender. Still, business fell from 1,183 in February.
Finance of America Reverse LLC took the No. 2 spot in March with 390 endorsements, tumbling from 559 the prior month.
Next was
Liberty Home Equity Solutions Inc. with 353 endorsements, sinking from 498 a month earlier.
Fourth was Reverse Mortgage Funding LLC, where volume fell to 285 from 310 during February.
No. 5 was One Reverse Mortgage LLC, which pushed endorsements up to 261 in March from 253 the preceding month.
