Retail originators of government-insured reverse mortgages pushed monthly activity higher, while business slowed at wholesalers.
Out of
4,936 home-equity conversion mortgages that were endorsed by the Federal Housing Administration in January, 2,874 were originated through the retail channel.
The details were spelled out in the newsletter Reverse Market Insight.
Direct production inched up from December, when 2,867 retail HECMs were endorsed, and from January 2014, when volume was 2,789.
On the wholesale side, HECM endorsements numbered 2,062, slipping from 2,073 in December.
Wholesale HECM originations stumbled compared to January 2014, when 2,265 HECMs were endorsed.
Among the top
seven originators of proprietary reverse mortgages, production slipped 1 percent between December and January.
Urban Financial Group closed 265 proprietary reverse mortgages in January, up from the previous month’s 217 units and more than any other lender.
No. 2 Liberty Home Equity Solutions Inc. generated 161 proprietary reverse mortgage fundings, up from 128 in December.
After that were 124 proprietary reverse mortgages closed by Cherry Creek Mortgage Co., 108 at RMS/Security One Lending and 78 at Reverse Mortgage Funding LLC.
