While the monthly volume of government-insured reverse mortgages increased from the retail channel, the wholesale channel experienced a decline.
In June, retail originators were responsible for 2,190 of the 3,763 home-equity conversion mortgages endorsed by the Federal Housing Administration.
Retail HECM originations picked up from the prior month, when the total was 2,034, but tumbled from a year prior, when the number was 2,971.
Reverse Market Insight provided the metrics.
Unlike retail activity, wholesale HECM production slowed to 1,573 from 1,605 in May.
Wholesale endorsements plunged from June 2015, when the figure was 2,324.
Moving on to proprietary reverse mortgage production, the seven-biggest
originators surveyed by RMI closed 526 proprietary reverse mortgages in June 2016.
Proprietary volume
declined 9 percent from a month earlier and sank 44 percent from a year earlier.
The biggest proprietary reverse mortgage lender during the most-recent month was
Finance of America Reverse LLC, where 162 units were funded, sinking from 224 in May.
Liberty Home Equity Solutions Inc. closed 132 proprietary reverse mortgages in June, more than the previous month’s 96.
At Reverse Mortgage Funding LLC there were 120 loans originated, up from 102 in May.
June proprietary
production at American Advisors Group was 78, fewer than the 83 loans funded the prior month.
No. 5 Live Well Financial Inc. saw volume slide to 21 units from 44 in May.
