For the second consecutive period, originations of federally insured reverse mortgages descended on a month-over-month basis.
The Federal Housing Administration completed endorsements on
4,426 home-equity conversion mortgages for all of February.
Activity slowed from the January, when 4,578 HECMs were endorsed and has been lower each month since December 2016.
Endorsements were also down from February 2016, when there were 4,579.
Historical data from Reverse Market Insight, which reported last month’s numbers, indicate that there have been 9,004 HECMs endorsed so far in 2017.
This year’s HECMs were originated by 246 FHA mortgagees, fewer than the 295 mortgagees that were active up to the same point in 2016.
With 1,064 HECMs endorsed in February 2017, American Advisors Group was the busiest originator. Volume picked up from 963 units the prior month.
Next was Liberty Home Equity Solutions Inc., where production leapt to 376 reverse mortgages from 227 in December.
No. 3 Reverse Mortgage Funding LLC saw originations tumble to 345 loans from 424 a month earlier.
Finance of America Reverse LLC was responsible for 269 endorsements in February, far fewer than 366 the previous month.
In fifth position was Synergy One Lending Inc., which was responsible for 223 of last month’s government insured reverse mortgage originations, off from 237 in the final month of 2016.
