Federally insured reverse mortgage production fell last month to the lowest level in more than six years. But one lender managed to push business higher. Meanwhile, the number of companies originating government reverse mortgages, which has fallen by nearly two-thirds from a year earlier, was up on a month-over-month basis.
The Federal Housing Administration endorsed 4,381 home-equity conversion mortgages during March.
It was the worst month since September 2005.
Reverse Market Insight, which reported the numbers, said volume was down from 5,426 loans in February. The newsletter previously reported that 7,306 HECM were closed in March 2011.
Year-to-date March 31 HECMÂ endorsements amounted to 14,982 loans.
MetLife Bank originated 929 HECMs last month, fewer than 1,132 in February but more than any other lender.
No. 2 One Reverse Mortgage LLC saw total HECM production drop to 384 loans from 417.
Genworth Financial Home Equity followed with 345 HECMs endorsed, then 241 at Generation Mortgage Co.
American Advisors Group was the only lender that was able to increase its HECM production, with endorsements rising to 238 loans last month from 186 during February.
The number of lenders originating HECMs has dwindled to 412 companies from 1,125 a year earlier. But more HECM lenders were active than in February, when the number was 365.
