Federally insured reverse mortgage originations sank last month, falling to the lowest level since 2012. One company is maintaining a more than one-quarter market share.
The Federal Housing Administration endorsed 3,927 home-equity conversion mortgages during June.
That was the slowest month for HECMÂ production since December 2012, when FHA endorsed just 3,912 reverse mortgages.
HECM volume was 4,498 in May 2014 and 5,372 in June 2013.
The data was reported by Reverse Market Insight.
During the six months ended June 30, 2014, FHAÂ endorsed 27,440 HECMs. Since starting its fiscal-year 2014 on Oct. 1, 2013, FHA has insured 40,541 reverse mortgages.
Last month’s biggest HECMÂ originator was American Advisors Group, where volume fell to 1,008 endorsements from 1,382 in May.
No. 2 RMS/Security One Lending closed 403 units, climbing from the previous month’s 316.
At One Reverse Mortgage LLC, endorsements inched up to 402 HECMs from 396 in May, landing it in third position.
Volume at Liberty Home Equity Solutions Inc. was 335, while No. 5 Urban Financial of America LLC generated 180 endorsements.
