Federally insured reverse mortgage production last month was higher than it’s been in four months. The biggest lender maintained its standing.
Originators of home-equity conversion mortgages generated 4,927 endorsements by the Federal Housing Administration during August.
Last month’s activity turned out to be the busiest month since April 2017, when FHA endorsed 5,036 reverse mortgages.
Those findings were derived from data reported by Reverse Market Insight.
HECM endorsements numbered 4,254 a month earlier and
4,387 a year earlier.
Historical data from RMI indicate that there have been 38,276 units endorsed by FHA during the first-eight months of 2017.
The report indicated that 379 active FHA mortgagees were responsible for year-to-date production.
The active count was lower than 400 at the same point last year.
Last month’s
largest reverse mortgage lender was American Advisors Group, where volume totaled 1,123 HECM endorsements, more than 986 in July.
At No. 2
Finance of America Reverse LLC, business jumped to 601 units in August from 504 the preceding month.
At 399 endorsements, Reverse Mortgage Funding LLC lifted volume from 361 in July.
One Reverse Mortgage LLC landed in fourth position with 313 endorsements, soaring from 196 loans a the prior period.
No.
5 Synergy One Lending pushed production up to 300 units from 259 in July.
