Government-insured reverse mortgage production managed an improvement last month.
The volume of home-equity conversion mortgage production climbed to 7,306 units in March from February’s 6,904, according to data published by Reverse Market Insight.
Business was also higher than the 5,822 HECMs closed during March 2010.
So far this year, 20,674 reverse mortgages have been endorsed by the Federal Housing Administration.
Wells Fargo Bank, N.A., maintained its dominance of the market, with March retail fundings amounting to 1,960 HECMs — more than twice as much activity as the next biggest player. Wells, which last month said it was abandoning wholesale reverse lending, lifted originations from 1,662 in February.
Next was Bank of America, N.A., where volume eased to 738 loans from the previous month’s 777. BofA said in February that it would exit reverse mortgage lending altogether.
MetLife Bank followed with 682 units funded in March, then One Reverse Mortgage LLC’s 398 and Generation Mortgage Co.’s 186.
Reverse Market Insight reported that the number of active reverse mortgage lenders has fallen to 1,125 companies from 1,508 last year.
