Following two consecutive months of decline, originations of home-equity conversion mortgages increased.
U.S. reverse mortgage originations were 8,284 during December, according to Reverse Market Insight.
Volume increased from 7,738 in November but fell from 9,761 during December 2008.
Last month’s production reflected 3,123 active lenders, higher than 2,946 a year earlier.
December’s biggest reverse mortgage retail lender was Wells Fargo Bank, N.A., which saw retail originations climb to 1,552 loans from 1,491 in November. A year earlier, Wells closed 1,381 HECMs.
No. 2 Bank of America, N.A., funded 924 reverse mortgages, higher than November’s 728. MetLife Bank was next, with volume falling to 321 loans from 346, then Financial Freedom Acquisition, which rose to 239 from 210, and One Reverse Mortgage LLC, where business fell to 237 units from 303 units.
