Although retail originators of government-insured reverse mortgages had a month-over-month decline, wholesale held up. Urban Financial Group landed the top proprietary spot.
Retail originators generated
2,694 of the 5,025 home-equity conversion mortgages that were endorsed by the Federal Housing Administration during July, according to data from Reverse Market Insight.
Loan production from the retail channel slowed compared to the previous month, when the number of HECM endorsements by FHA came in at 2,971.
But retail business was better than in the same month last year, when there were 2,319 retail-originated endorsements.
In the seven
months ended July 31, retail HECM production amounted to 18,942 units.
On the wholesale side, HECM originations inched up to 2,331
loans from 2,324 endorsements in June and jumped from 1,772 in July 2014.
Year-to-date wholesale endorsements totaled
14,426 HECMs.
Among proprietary reverse mortgage lenders,
Urban Financial Group was the biggest, with 286 loans closed. Business slipped from 295 a month earlier.
No. 2 Liberty Home Equity Solutions Inc. originated 213 proprietary loans, more than the 192 in June.
At Cherry Creek Mortgage Co., volume climbed to 146 in July from the previous month’s 110.
Fourth was Reverse Mortgage Funding LLC, which recorded 142 transactions versus the prior month’s 92.
Live Well Financial Inc. landed in the No. 5 spot with 107 reverse mortgages originated, declining from 122 in June.
