Last month’s production brought to more than a million the number of reverse mortgages that have been insured by the federal government.
During the first month of fiscal-year 2017, the Federal Housing Administration endorsed 3,919 home-equity conversion mortgages.
HECM production improved from September, when 3,741 loans were endorsed, but fell short of 4,332 endorsements in October 2015.
From Jan. 1, 2016, through Oct. 31,
FHA has endorsed 40,245 HECMs, according to the data reported by Reverse Market Insight. At the same point last year, 48,181 HECMs had been endorsed.
Previously reported data from the Department of Housing and Urban Development indicate that FHA has endorsed 32,544 HECMs for $9.878 billion during the eight months ended Aug. 31, 2016.
The National Reverse Mortgage Lenders Association issued a news release Tuesday indicating that October 2016’s HECM endorsements brought to 1,002,679 the number of reverse mortgages that FHA has insured since the program was created through the National Housing Act of 1988.
HUD’s data indicate that FHA insurance was in force on
585,926 HECMs for $144.946 billion as of Aug. 31, 2016.
RMI’s report said that this year’s HECM endorsements have been generated by 411 active FHA mortgagees, fewer than the 458 active lenders through the same point last year.
October 2016’s most-active lender was American Advisors Group, which was responsible for 838 HECM endorsements, fewer than 882 the prior month.
No. 2 Finance of America Reverse LLC saw reverse mortgage volume climb to 404 from 322 in September.
With 326 HECMs endorsed last month,
activity ascended from 253 a month earlier at Reverse Mortgage Funding LLC.
In the fourth spot was One Reverse Mortgage LLC, where endorsements slipped by six from the previous month to 242.
No. 5 Liberty Home Equity Solutions Inc. pushed volume up to 204 units from 197 in September.
