Although wholesale lenders scaled back government-insured reverse mortgage originations, retailers made a gain. Urban Financial Group led monthly proprietary activity.
Out of 4,634 home-equity conversion mortgages endorsed by the Federal Housing Administration during March, 2,772 were originated through the retail channel.
The statistics were reported in the newsletter Reverse Market Insight.
Retail HECM originations
accelerated from the previous month, when 2,557 loans were endorsed, and were also stronger than the same month last year, when the total was 2,358 endorsements.
But the dynamics were different for wholesale HECM lending, which fell to 1,862 units from 2,159 in February. Wholesale business also weakened from March 2014, when 2,256 HECMs were endorsed.
Among originators of proprietary reverse mortgages, Urban Financial saw volume decline 16 percent to 247 loans closed in March, though it still ranked as the biggest proprietary lender.
Proprietary production at No. 2 Liberty Home Equity Solutions Inc., however, jumped by nearly a quarter from February to 230 units.
RMS/Security One Lending followed with 84 proprietary closings in March, then Cherry Creek Mortgage Co.’s 72 closings and Live Well Financial Inc.’s 61 loans.
