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Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.
Reverse Mortgage Business Dips

4,595 HECMs endorsed in May

June 12 2012

By staff

Fewer federally insured reverse mortgages were originated last month, though the biggest lender -- which is in the process of shutting down operations -- managed a gain.

The Federal Housing Administration endorsed 4,439 home-equity conversion mortgages in May.

Volume slipped from April, when 4,595 federally insured reverse mortgages were originated.

The data, reported by Reverse Market Insight, indicated that May 2011 HECM endorsements totaled 5,188.

During the first five months of 2012, HECM endorsements amounted to 24,016 loans.

Since FHA's fiscal year began on Oct. 1 of last year, 37,959 HECMs have been insured.

Last month's biggest HECM producer was MetLife Bank, N.A., where volume grew to 928 from April's 911 endorsements. However, volume at MetLife is likely to soon see a steep decline as the company winds down its operations.

No. 2 One Reverse Mortgage LLC closed 410 HECMs in May, inching up from 407 units the previous month.

After that was 309 endorsements at Urban Financial Group, 274 closings at Security One Lending and 227 HECMs originated each at Genworth Financial Home Equity and Generation Mortgage Co.

Retail-originated HECM volume during April grew to 2,614 from March's 2,504 endorsements. But retail production fell short of 3,704 fundings in April 2011.

On the wholesale side, endorsement activity also grew, to 1,979 HECMs from 1,870 in March. But, as was the case with retail activity, wholesale production fell off from April 2011, when 2,415 HECMs were endorsed.

Including FHA-insured and proprietary reverse mortgages, MetLife led the way in April with 1,070 total endorsements, slightly more than the 1,047 reverse mortgages originated in March.

Urban Financial Group followed with 641 closings, climbing from 531 a month earlier.

Genworth's 528 April endorsements landed it in the No. 3 position, then One Reverse's 407 and Generation's 336.

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