The monthly origination of government-insured reverse mortgages turned lower for both the direct and indirect channels. Proprietary lending was also down.
Out of the
4,407 home-equity conversion mortgages endorsed by the Federal Housing Administration in November, the retail channel originated 2,500.
Retail HECM production declined from the prior month, when FHA endorsed 2,773
reverse mortgages.
It was also worse than the 2,734 reverse mortgages endorsed in November 2013.
During the
11 months ended Nov. 30, according to data from Reverse Market Insight, HECMs generated through the retail channel amounted to 26,971.
On the wholesale side, 1,907 HECMs were endorsed, also retreating from October, when 2,078 HECMs were originated through the wholesale channel.
As was the case with retail endorsements, wholesale activity was off from a year earlier, a month that saw 1,951 HECMs closed.
Year-to-date wholesale endorsements total 21,038.
Among the top lenders reported by RMI, non-government reverse mortgage originations were down by more than a quarter from October and 18 percent less than in November 2013.
Urban Financial Group maintained its standing as the No. 1 proprietary reverse mortgage lender with 196 units closed in November. Urban Financial’s business increased from 187 the previous month.
Next was Liberty Home Equity Solutions Inc., where proprietary volume slipped to 154 from 159 in October.
Cherry Creek Mortgage Co. followed with 90 units, then 85 at RMS/Security One Lending and 81 at Reverse Mortgage Funding LLC.
