Unlike government-insured reverse mortgage production, proprietary reverse mortgage originators saw a gain in volume from a month and year earlier.
Out of the 4,256 home-equity conversion mortgages endorsed by the
Federal Housing Administration in March, 2,669 were from the retail channel.
Retail originators nudged up government reverse mortgage production
from the previous month, when FHA endorsed 2,645 retail-originated HECMs.
But volume was down from 2,772 HECM endorsements in the same month in the previous year.
That was according to data reported by Reverse Market Insight.
During the first-three months of 2016, retail HECM production amounted to
7,513 endorsements.
Unlike the retail channel, endorsements of HECMs generated through the wholesale channel slipped to 1,857 from 1,932 in February 2016.
Wholesale activity also slowed from March 2015, when
1,862 HECMs were endorsed from the channel.
From Jan. 1 through March 31 of this year, there have been
5,479 HECMs originated through wholesale mortgagees.
In the non-FHA reverse mortgage space, production among the top-10 proprietary reverse mortgage originators surveyed by RMS was up 14 percent on a month-over-month basis
Proprietary volume was 15 percent stronger on a year-over-year basis.
The top proprietary lender was Ocwen Financial Corp.-subsidiary Liberty Home Equity Solutions Inc., where volume slipped to 219 from 227 loans in February.
No. 2
Finance of America Reverse LLC was responsible for 195 of March 2016’s proprietary production, four fewer units than a month earlier.
After that was
Reverse Mortgage Funding LLC, where reverse mortgage originations climbed to 113 loans from just 76 in February.
American Advisors Group landed in the fourth spot with 92 units funded, down from the previous month’s 115 proprietary reverse mortgages originated.
No. 5 Live Well Financial Inc. closed 73 proprietary reverse mortgages, 20 more than in February.
