While retail originators of government-insured reverse mortgages had a nice monthly bump in new business, the wholesale channel recorded a more than one-fifth surge.
During August, 2,929 of the 5,749 home-equity conversion mortgages endorsed by Federal Housing Administration were generated through the retail channel
Retail HECM production increased from 2,694 units that were endorsed in the previous month and 1,944 endorsements which occurred during the same month last year.
Since beginning its fiscal-year 2015 on Oct. 1, 2014, FHA has endorsed
30,011 retail-originated HECMs. From Jan. 1, 2015, through Aug. 31, 2015, production totaled 21,871 endorsements.
Reverse Market Insight collects and reports the data monthly.
Wholesale HECM production climbed to 2,820 endorsements from 2,331 in July. In August 2014, FHA endorsed just 1,306 wholesale-originated HECMs.
Fiscal-2015 year-to-date wholesale volume stands at
23,304 HECMs, while calendar-year 2015 endorsements amount to 17,246 units.
On the proprietary side, Urban Financial Group was the biggest reverse mortgage originator in August 2015, with 363 proprietary units reported. Urban’s proprietary business increased from 286 a month earlier.
No. 2 Liberty Home Equity Solutions Inc. saw proprietary volume rise to 281 from 213 in July 2015.
After that was Cherry Creek Mortgage Co., where proprietary reverse mortgage production slid to 126 loans from 146.
Live Well Financial Inc. landed in the fourth spot with 118 proprietary reverse mortgages closed, up from 107 the prior month.
No. 5 Reverse Mortgage Funding LLC closed 102 proprietary reverse mortgages in August, forty fewer than in the previous month.
