Federally insured reverse mortgage originations moved lower last month, with volume sinking to the lowest level in 16 months.
The Federal Housing Administration endorsed 3,890 home-equity conversion mortgages during January.
Reverse Market Insight provided the data.
Based on historical data, it was the slowest month for government-insured reverse mortgage production since
September 2014, when 3,762 reverse mortgages were endorsed by FHA.
Business declined from December 2015, when mortgagees generated 4,233 HECM endorsements.
Activity also slowed from January 2015, when 4,946 HECMs were endorsed.
Last month’s HECM endorsements were originated by 224 active mortgagees, one less than a year earlier.
January 2016’s top HECM lender was American Advisors Group with 826 endorsements, fewer than the 1,028 the previous month.
No. 2 was RMS/Security One Lending, where volume declined to 356 from 413 in December.
Next up was Finance of America Reverse LLC, which had 323 HECM endorsements. The company, which was previously known as Urban Financial of America LLC, dipped from 326 units one month previous.
No. 4 was
Liberty Home Equity Solutions Inc., where production soared to 291 from just 78 HECMs endorsed in December.
One Reverse Mortgage LLC came in fifth with 287 endorsements, tumbling from 351 the prior month.
