While government-insured reverse mortgage production slowed at retail lenders, wholesale activity soared to the highest monthly level in more than two years.
Of the 5,713 home-equity conversion mortgages endorsed by the Federal Housing Administration during April, retail originations accounted for 3,145 of the endorsements.
Retail reverse originations retreated from March, when 3,318 units were endorsed.
In the same month last year, 2,614 HECMs were originated through the retail channel.
The statistics were reported in Reverse Market Insight.
Retail originations totaled 12,314 in the first four months of 2013.
Wholesale HECM production was 2,568 in April, increasing two months in a row to the highest level since March 2011, when 2,785 HECMs were endorsed for wholesalers..
Wholesale lenders generated 2,494 HECM endorsements a month earlier and 1,979 a year earlier.
So far this year, 9,230 HECMs have been originated through the wholesale lending channel.
The report also reflected total originations by lender including FHA and proprietary reverse mortgages, and Urban Financial Group topped the list in April with 1,024 units. Urban’s volume shot up from 714 closings the prior month.
No. 2 was Liberty Home Equity Solutions, where business dropped to 925 loans from 1,264 in March.
Security One Lending followed with 886 reverse mortgages closed, then 517 at One Reverse Mortgage LLC and 480 closed at American Advisors Group.
