Government-insured reverse mortgage production edged higher last month. Ocwen Financial Corp.’s reverse lending unit made its way to the top originator’s spot.
Home-equity conversion mortgages endorsed by the Federal Housing Administration totaled 5,372 during May.
That wasn’t much different than the prior month, when 5,352 reverse mortgages were insured by FHA.
A year earlier, 5,187 HECMs were endorsed.
The data, which was reported in the newsletter Reverse Market Insight, indicated that FHA endorsed 32,356 reverse mortgages during the first half of 2013.
There were 493 active HECM lenders in the latest report, three more than in June 2012.
Liberty Home Equity Solutions was the biggest HECM originator last month with 618 endorsements. The Ocwen-subsidiary lifted production from 510 closings in May.
No. 2 in June was Security One Lending-Reverse Mortgage Solutions Inc., where volume fell to 536 units from the previous month’s 615 loans. The combined company is a subsidiary of Walter Investment Management Corp.
With 517 HECMÂ endorsements, American Advisors Group was next. Business soared from just 294 loans in May.
Next was Quicken Loans Inc.-subsidiary One Reverse Mortgage LLC, which saw production taper off to 459 units from the previous month’s 478.
Fifth-place Urban Financial Group generated 365 HECM endorsements, fewer than 499 in May.
