Deterioration in government-insured reverse mortgage production hit both the retail and wholesale channels. In the non-government sector, Ocwen Financial Corp.’s subsidiary was the leader.
Retail originations accounted for 2,358 of the 4,614 home-equity conversion mortgages endorsed by the Federal Housing Administration during March, according to Reverse Market Insight.
Retail activity declined from 2,614 the previous month and 3,318 retail-originated HECMs endorsed in the same month during 2013.
Also falling were wholesale HECM originations, to 2,256 from February’s 2,545. Wholesale volume was also lower than 2,494 a year earlier.
Based solely on proprietary reverse mortgage production, Liberty Home Equity Solutions Inc. closed the most units in March: 469. The Ocwen-subsidiary raised volume from 408 the previous month.
Urban Financial Group was next with 393 reverse mortgages originated, improving from 363 in February.
After that was 79 proprietary reverse mortgages funded by Generation Mortgage Co. in March. Business at Generation sank from 194 closings.
Cherry Creek Mortgage Co. saw volume decline to 76 units during the most recent month from 90.
At American Advisors Group, business climbed to 71 reverse mortgages from February’s 34 units.
