The reverse mortgage subsidiary of Walter Investment Management Corp. originated more government-insured reverse mortgages last month than any other lender. As reverse production was off for the sector as a whole, the fifth-biggest player ascended from no production a year ago.
The Federal Housing Administration endorsed fewer home-equity conversion mortgages during May, with HECM volume declining to 5,352 endorsements from 5,770 in April.
But FHA was busier a year earlier, when HECMÂ endorsements from all FHA mortgagees amounted to 4,439.
The data were reported by Reverse Market Insight.
On a year-to-date basis, HECM endorsements totaled 26,984.
Last month’s biggest lender, Security One Lending, originated 575 FHA-insured reverse mortgages. HECM production at the Walter Investment-subsidiary was off from 754 in April, when it also topped the charts.
Next was Liberty Home Equity Solutions, where volume fell to 510 HECMs from 621 the previous month. Liberty is owned by Ocwen Financial Corp.
No. 3 was Urban Financial Group, where business increased to 499 endorsements from 486 a month earlier.
Quicken Loans Inc.’s One Reverse Mortgage LLC closed 478 HECMs, fewer than 517 in April.
No. 5 Proficio Mortgage Ventures LLC generated 319 HECMÂ endorsements. The company didn’t generate any HECM business in May 2012.
The number of active HECM lenders has grown to 474 from 460 a year earlier.
