Reverse mortgage originations that are insured by the federal government saw restrained activity as monthly volume was tethered near a four-year low.
A total of 3,359 home-equity conversion mortgages were endorsed by the Federal Housing Administration during May 2018.
The number wasn’t far off from 3,345 HECM endorsements the preceding month — when volume was the lowest it’s been since August 2014.
Production sank compared to the 4,854 reverse mortgages insured during the same 31-day period last year.
The details were provided by Reverse Market Insight.
For the first-five months of 2018, endorsements came to 22,518. Year-to-date production was generated by 323 FHA mortgagees, fewer than the 348 who were active through the same date last year.
Maintaining its status as biggest reverse mortgage lender was American Advisors Group, where volume jumped to 1,006 units from 890 in April.
Endorsements fell to 302 last month from 314 at Finance of America Reverse LLC.
At 255 units, production at Reverse Mortgage Funding LLC was better than 241 in April
In fourth position was One Reverse Mortgage LLC, where business slowed to 216 from 271.
No. 5 Synergy One Lending Inc. generated 177 endorsements last month, more than 159 a month earlier.
