Federally insured reverse mortgage production was barely changed on a month-over-month basis. But there was a nice year-over-year improvement.
During June 2017, the Federal Housing Administration endorsed 4,837 home-equity conversion mortgages, not much different than 4,854 the prior month.
However, there was a substantial increase in volume versus the same month last year, when FHA mortgagees generated 3,771 HECM endorsements.
Those details were provided by Reverse Market Insight.
Historical data from RMI indicate that there were
29,095 reverse mortgages insured by FHA during the first-half 2017. Since the beginning of fiscal-year 2017 on Oct. 1, 2016, the total was 41,563.
Year-to-date production was generated by 359 FHA mortgagees, slightly fewer than the 385 active lenders as of the same point last year.
Last month’s biggest HECM originator was American Advisors Group, where volume climbed to 1,126 from 1,028 in May 2017.
Endorsements at No. 2 Finance of America Reverse LLC shot up to 532 in June from 348 the prior month. Finance of America is a Mortgage Daily advertiser.
After that was Reverse Mortgage Funding LLC, which pushed up activity to 407 endorsements from 380 in May. RMF is also a Mortgage Daily advertiser.
Next was Synergy One with 332 endorsements last month, rising from 246.
No. 5 was
Liberty Home Equity Solutions Inc., where production slowed to 227 from 299 a month earlier.
