The number of companies originating federally insured reverse mortgages may have fallen by more than half compared to a year ago, but the remaining pool managed to increase business last month.
During the first month of this year, 5,175 home-equity conversion mortgages were endorsed by the Federal Housing Administration, according to Reverse Market Insight.
Volume grew from December, when 4,636 HECMs were insured. But business fell from 6,464 fundings in January 2011.
Looking at just retail originations, MetLife Bank was the biggest producer with 1,379 endorsements last month. Business at the life insurer subsidiary eked out a gain from December, when 1,321 HECMs were endorsed.
One Reverse Mortgage LLC followed, closing 439 reverse mortgages versus 419 a month earlier.
No. 3 was Genworth Financial Home Equity, which saw volume grow to 386 units from 306 units.
After than was Urban Financial Group’s 354 HECMs, then No. 5 Generation Mortgage Co.’s 245 endorsements.
During January, 270 firms generated HECM originations, tumbling from 667 lenders a year earlier.
