A 12 percent monthly reduction was recorded for government-insured reverse mortgages generated by retail originators. But wholesale activity plummeted by more than a quarter.
Home-equity conversion mortgages originated through the retail channel accounted for 2,589 of the 4,669 HECMs endorsed by the Federal Housing Administration in September.
Retail reverse mortgage business was down compared to the previous month, when the channel was responsible for 2,929 of the 5,749 HECMs that were endorsed by FHA.
The statistics were outlined in the newsletter Reverse Market Insight.
But retail activity has ascended from the same month in 2014, when there were 2,248 retail-originated HECMs endorsed.
FHA also endorsed 2,080 HECMs closed by wholesale lenders during the latest month.
Wholesale activity tumbled from 2,820 endorsements in August but strengthened from 1,514 in September 2014.
An analysis of RMI’s data indicates that Urban Financial Group originated 270 proprietary reverse mortgages during September 2015, more than any other lender surveyed by RMI but fewer than the 363 units closed by Urban a month earlier.
No. 2 Liberty Home Equity Solutions Inc. saw proprietary volume slow to 222 units from 281 in August.
At American Advisors Group, proprietary reverse mortgages originated were 81 in September, off from 94 the previous month.
Landing in the fourth spot was RMS/Security One Lending, where proprietary production increased to 76 loans from 53 during August.
No. 5 Reverse Mortgage Funding LLC closed 71 proprietary reverse mortgages in September, declining from 102 a month earlier.
