After falling to the lowest level in nearly two years, originators of government-insured reverse mortgages pushed monthly volume to a five-month high.
The
Federal Housing Administration endorsed 4,387 home-equity conversion mortgages in August — the most since March, when there were 4,535.
During the previous month, HECM endorsements numbered 3,534 — the fewest
since August 2014, when FHA endorsed 3,256 reverse mortgages.
But last month’s production plummeted from August of last year, a month that saw 5,750 HECMs endorsed.
Historical data from Reverse Market Insight,
which reported the most-recent figures Friday, indicate that there have been 32,585 endorsements during the first-seven months of this year.
Last month’s HECM endorsements were originated by just 400 FHA mortgagees, down from 444 in August 2015.
The busiest of those mortgagees was American Advisors Group, which was responsible for 850 endorsements — though that was fewer than the 873
in July.
No. 2
Finance of America Reverse LLC saw HECM volume soar to 518 in August from only 298 a month earlier.
Reverse Mortgage Funding LLC landed in the third spot with 460 endorsements, jumping from 264 in July.
After that was One Reverse Mortgage LLC, where endorsements rose to 297 last month from 271 the previous month.
With 215 endorsements during August, Synergy One Lending Inc. lifted HECM production from 174 units one month earlier.
