Although monthly government-insured reverse mortgage volume inched up last month, originations in the sector remain low by historical standards.
Home-equity conversion mortgages that were
endorsed by the Federal Housing Administration numbered 3,771 during the month of June.
Activity was modestly higher than during the previous month,
when FHA endorsed 3,646 HECMs — the fewest endorsements since August 2014.
The most-recent volume plummeted from June 2015, when there were 5,296 reverse mortgages insured by FHA.
Reverse Market Insight reported the data.
During the first half of this year, HECM endorsements amounted to
24,664.
Last month’s HECMs were originated by 385 FHA mortgagees, fewer than 407 a year previous.
Maintaining its position in the No. 1 spot was American Advisors Group, where HECM production leapt to 924 from 796 in May 2016.
After that was 283 endorsements at One Reverse Mortgage LLC, falling from the prior month’s 316.
No. 3
Finance of America Reverse LLCÂ saw volume tumble to 278 endorsements in June from 330.
In fourth place was Liberty Home Equity Solutions Inc., where HECM endorsements climbed to 272 loans from 225 in May.
No. 5
Reverse Mortgage Funding LLC was responsible for 190 endorsements last month, fewer than 275 a month earlier.
