The annual volume of federally insured reverse mortgages increased. With the government’s fiscal year concluded, the biggest reverse mortgage lender rankings are in.
September of this year
had 4,592 home-equity conversion mortgages that were endorsed by the Federal Housing Administration.
The volume of HECM activity moved down from the preceding month, when FHA mortgagees generated 4,927 endorsements.
But business was better than the same month last year, when 3,741 HECMs were endorsed.
Historical data from Reverse Market Insight, which reported last month’s numbers Monday, indicate that
42,868 HECMs were endorsed from Jan. 1, 2017, through Sept. 30.
Since FHA’s fiscal-year began on Oct. 1, 2016, there have been 55,336 HECMs endorsed. Business increased from 48,914 reverse mortgages insured during all of fiscal-year 2016.
During FHA’s full fiscal-year 2017,
HECM production was generated by 390 FHA mortgagees, slightly fewer than the 403 that were active during fiscal-year 2016.
With 12,206 HECMs endorsed during all of fiscal-year 2017, American Advisors Group was the most active FHA mortgagee.
No. 2 Finance of America Reverse LLC closed 5,269 reverse mortgages. Finance of America is a Mortgage Daily advertiser.
Next was Reverse Mortgage Funding LLC, where 4,392 HECM were endorsed. RMF is also a Mortgage Daily advertiser.
Fourth was Liberty Home Equity Solutions Inc. with 3,397 reverse mortgages insured by FHA. Liberty is an Ocwen Financial Corp. subsidiary.
No. 5 One Reverse Mortgage LLC generated 3,093 HECM endorsements. Quicken Loans Inc. is the parent of One Reverse.
