Despite a surge in the final month of last year for federally insured reverse mortgage production, annual production slumped.
Last month,
endorsements were issued by the Federal Housing Administration for 4,658 home-equity conversion mortgages.
HECM production soared from 3,891 units during November. It was also greater than 4,233 loans in the final month of 2015.
Historical data from Reverse Market Insight, which reported the details Friday, indicate that FHA endorsed 48,794 reverse mortgages during all of 2016. Activity slowed from full-year 2015 volume of 56,437 endorsements.
Since starting its fiscal-year 2017 on Oct. 1, 2016, FHA has endorsed 12,468 HECMs.
Last year’s HECM endorsements were generated by 420 FHA mortgagees. Lender count diminished from 468 in 2015.
American Advisors Group was the biggest HECM originator in 2016 with 10,717 endorsements.
But business came up short of 13,652 the prior year.
Next was
Finance of America Reverse LLC, where endorsements were 4,225 last year, mostly unchanged from the 4,288 HECMs closed in 2015 under its former Urban Financial of America LLC brand.
No. 3 was One Reverse Mortgage LLC, which generated 3,476 HECM endorsements in 2016, fewer than 5,045 a year earlier.
Reverse Mortgage Funding LLC pushed up annual production to 3,274 from the prior year’s
2,380.
Rounding out the top-five positions was
Liberty Home Equity Solutions Inc., where HECM endorsements fell to 3,145 in 2016 from 3,875 a year previous.
