The Federal Housing Administration has endorsed more reverse mortgages for two consecutive months so far this year. Meanwhile, the number of firms originating federally insured reverse mortgages has plunged more than 60 percent over the past year.
After rising to 5,175 endorsements in January, FHA originations climbed to 5,426 home-equity conversion mortgages last month.
That brought year-to-date volume to 10,601 HECMs funded.
Reverse Market Insight provided the numbers.
In February 2011, endorsements were higher at 6,904 loans.
MetLife Bank led retail originations by a long shot, closing 1,132 HECMs in February. MetLife fell back from 1,379 fundings a month earlier.
Genworth Financial Home Equity wasn’t far from doubling its retail volume, ascending to 643 endorsements last month.
One Reverse Mortgage LLC generated 417 HECMÂ endorsements, followed by 350 retail fundings at Urban Financial Group and Generation Mortgage Co.’s 267 reverse mortgages funded.
Just 365 companies were originating federally insured reverse mortgages, plummeting from 960 lenders at the same point last year.
A March 2009 report had the number of HECM originators at 1,973 active lenders. During that same month, 11,261 HECMs were endorsed.
