Reverse mortgage lenders turned up the volume on government-insured loan originations, which moved sharply higher last month.
There were 4,852 home-equity conversion mortgages that were endorsed by the Federal Housing Administration during October.
HECM production rose 29 percent from a month earlier. It was the second consecutive month that FHAÂ endorsements moved higher.
Business was also better than a year earlier, when 2,777 HECMs were endorsed.
The production data was compiled and reported by Reverse Market Insight.
So far this year, 43,402 HECM have been endorsed by FHA.
American Advisors Group has maintained its grip on the No. 1 HECM lender position each month since April, with volume climbing to 1,208 closings in October from 1,050 the prior month.
No. 2 RMS/Security One Lending pushed production up to 454 reverse mortgages from 219 in September.
After that was One Reverse Mortgage LLC’s 443 endorsements, Liberty Home Equity Solutions Inc.’s 314 closings and Urban Financial of America LLC’s 297 loans.
