Government-insured reverse mortgage production slowed last month. While endorsements were down at three of the top-5 players in the space, two lenders made gains.
There wasn’t much of a month-over-month change in home-equity conversion mortgage business, with Federal Housing Administration endorsements slipping to 4,497 in October from 4,592 during September.
For all 10 months of 2017 that have been reported so far, FHA, which is part of the Department of Housing and Urban Development, has endorsed
47,365 reverse mortgages.
In October 2016, HECM production was 3,919.
The details were provided by the newsletter Reverse Market Insight.
Through Oct. 31, there were 395 mortgagees that have had an HECM endorsed by FHA this year, fewer than 411 active during the same period last year.
Although there was no change from September in the top-5 ranking of HECM originators, there was a change in volume — with all but one experiencing a decline.
The busiest FHA mortgagee was American Advisors Group, where HECM endorsements numbered 983 last month, 89 fewer than the previous month.
Finance of America Reverse LLC was responsible for 509 of the latest endorsements, 13 more than the preceding month. Sister company Finance of America Mortgage is a Mortgage Daily advertiser.
No. 3 on RMI‘s list was Reverse Mortgage Funding LLC 358 endorsements. Volume at RMF, which is also a Mortgage Daily advertiser, was off by just one unit from the prior report.
Ocwen Financial Corp.-subsidiary Liberty Home Equity Solutions Inc. was in the fourth position, with endorsements climbing 57 units to 266.
With 251 units, One Reverse Mortgage LLC was No. 5 last month. The Quicken Loans Inc. subsidiary slowed by 31 units compared to September.
