In the reverse mortgage market, retail originators of government-insured loans lifted monthly business even as wholesale slowed. Proprietary volume weakened.
Retail originators were responsible for 2,467 of the 4,020 home-equity conversion mortgages endorsed by the Federal Housing Administration in November.
HECM production from the retail channel was modestly better than during the previous month, when FHA endorsed 2,427 retail-originated reverse mortgages.
The details were reported by Reverse Market Insight.
But retail activity retreated from the same month in 2014, when there were 2,500 HECMs endorsed by FHA.
Production was down from the wholesale channel, with FHA endorsing 1,553 wholesale-originated HECMs
versus 1,901 in October.
Wholesale endorsements were also down from November
2014, when there were 1,907 HECMs from the channel endorsed by FHA.
In addition to government-insured reverse mortgage production, reverse mortgage lenders
also utilize proprietary programs.
Among lenders surveyed by RMI, proprietary volume slid 37 percent from October versus only a three percent drop in HECM activity during the same time frame.
Among proprietary reverse mortgage lenders, Urban Financial Group was the biggest during November 2015 with 182 units — three less than a month earlier.
No. 2 Live Well Financial Inc. closed 90 proprietary loans in November — a hundred fewer than in the previous month.
Volume rose to 80 reverse mortgages from 74 during October at Reverse Mortgage Funding LLC.
American Advisors Group reported 78 proprietary reverse mortgage loans in the most-recent month, nine fewer than one month previous.
No. 5 Liberty Home Equity Solutions Inc. saw proprietary volume sink to 71 units in November from 202.
