Last month turned out to be the slowest month in nearly two years for the origination of government-insured reverse mortgages.
For all of July 2016, there were 3,534 home-equity conversion mortgages that were endorsed by the Federal Housing Administration.
That turned out to be the slowest month for HECM originators since August 2014, when FHA endorsed just 3,256 HECMs.
The latest numbers were reported by Reverse Market Insight.
In June 2016, there were 3,771 endorsements, while the number was 5,029 in July 2015.
From Jan. 1, 2016, through July 31, FHA endorsed
a total of 28,198 HECMs.
There were only 389 active FHA mortgagees that originated HECMs last month, fewer than the 424 in July 2015.
The most active HECM originator in July 2016 was American Advisors Group, which generated 873 endorsements, down from 924 the previous month.
Finance of America Reverse LLC was next with 298 HECMs, 20 more than in June.
No. 3 One Reverse Mortgage LLC was responsible for 271 endorsements in July, twelve fewer than a month earlier.
In the fourth spot was Reverse Mortgage Funding LLC, where volume climbed to 264 units from 190.
No. 5 was
Synergy One Lending Inc. with 174 endorsements last month, off nine units on a month-over-month basis.
