While monthly government-insured reverse mortgage originations from the retail channel were up, the increase for the wholesale channel was more substantial.
Of the 5,296 home-equity conversion mortgages endorsed by the Federal Housing Administration during June, 2,971 were generated by retail originators.
Reverse Market Insight reported the data.
Retail HECM production picked up from the previous month, when 2,477 HECMs came through the channel.
It also improved from the same month last year, when 2,413 retail-originated HECMs were endorsed.
Retail HECM production amounted to
16,248 since the beginning of this year.
Wholesale HECM production ascended to 2,324 endorsements from 1,793 in May.
Wholesale volume also increased from June 2014, when 1,747 HECMs were endorsed by FHA.
Year-to-date endorsements for wholesale volume totaled
12,095.
Among proprietary reverse mortgage lenders, Urban Financial Group closed 295 loans, more than the 189 proprietary reverse mortgages closed in May and the most of any lender.
Next was Liberty Home Equity Solutions Inc., where proprietary production climbed to 192 loans from the previous month’s 140 units.
No. 3 Live Well Financial Inc., however, saw proprietary originations slip four units from May to 122.
After that was Cherry Creek Mortgage Co.’s 110 proprietary reverse mortgages, more than the 95 funded the previous month.
No. 5 Reverse Mortgage Funding LLC closed 92 proprietary loans, the same as in May.
