Compared to a month earlier, the volume of federally insured reverse mortgages was lower. There was also a decline from a year earlier.
Originators of home-equity conversion mortgages generated 3,741 endorsements by the Federal Housing Administration during September.
The volume of HECM production tumbled compared with the previous month, when there were 4,387
HECMs that were endorsed by FHA.
Activity also sank from the same month last year, when HECM endorsements totaled 4,671.
Historical data from Reverse Market Insight, which reported the latest activity Tuesday, indicate that from Jan. 1, 2016, through Aug. 31, there were
36,326 HECMs endorsed.
Last month’s endorsements were generated by 403 FHA mortgagees, fewer than the 453
active lenders as of September 2015.
September 2016’s most-active originator was American Advisors Group, which generated 882 HECM endorsements, up from 850 a month earlier.
Up next was Finance of America Reverse LLC, which was responsible for 322 endorsements, falling from 518 in August.
No. 3 Reverse Mortgage Funding LLC originated 253 of the HECMs endorsed during September, sinking from the prior month’s 460.
After that was One Reverse Mortgage LLC, which saw its endorsements fall to 248 from 297.
In the fifth spot was Liberty Home Equity Solutions Inc. with 197 HECM endorsements in September, increasing from the previous month’s 144.
