Fewer lenders closed a government-insured reverse mortgage last month, while overall volume for the sector was down for the third month in a row.
There were 4,023 home-equity conversion mortgages that were endorsed by the Federal Housing Administration during the month of November.
That was fewer than in the previous month, when 4,332 reverse mortgages were endorsed by FHA.
Reverse Market Insight reported the statistics.
FHA endorsements of reverse mortgages have retreated each month since August, when 5,750 HECMs were endorsed.
HECM production also was down from the same month in 2014, a month that saw 4,410 reverse mortgages endorsed by FHA.
During the first two months of its fiscal-year 2016, FHA endorsed
8,355 HECMs.
Calendar-year 2015 HECM volume amounted to
52,204 endorsements through Nov. 30.
The year-over-year declining trend in the number of active FHA mortgagees that closed HECMs continued last month, falling to 465 from 480 active mortgagees in November 2014.
American Advisors Group generated 1,022 HECM endorsements during November 2015 — more than any other lender. But the company’s business slipped from 1,092 in October.
With 358 endorsements, No. 2 One Reverse Mortgage LLC improved on its 317 HECMs endorsed in October.
Next was RMS/Security One Lending, where 320 HECMs were insured during November by FHA. RMS’ production also increased on a month-over-month basis — by 38 units.
After that was 302 endorsements at Urban Financial of America LLC, 20 fewer than in October.
No. 5 last month was
Live Well Financial Inc. with 203 HECMs endorsed by FHA, 71 more than a month earlier.
