As federally insured reverse mortgage production had a moderate bounce off decade-low monthly volume, the biggest originators retreated again.
The Federal Housing Administration endorsed 2,908 home-equity conversion mortgages during July. Endorsements occur after the loan has closed.
HECM production increased from June, when units endorsed numbered 2,838 — the fewest reverse mortgages endorsed by FHA in at least a decade.
In July 2017, there were 4,254 HECMs endorsed.
The data was reported by
Reverse Market Insight.
Historical data indicate that there have been
28,264 HECMs endorsed in the seven months ended July 31. Endorsements since FHA’s fiscal-year 2018 started on Oct. 1, 2017, amounted to 42,308 HECMs.
Calendar-year 2018 year-to-date volume was generated by 334 FHA mortgagees, fewer than the 368 that had been active through the same point last year.
At No. 1
American Advisors Group, endorsements fell to 797 units from 874 in June. It was the second consecutive monthly decline.
July saw 262 endorsements at Finance of America Reverse LLC, fewer than 275 a month earlier and down for the sixth month in a row.
But Reverse Mortgage Funding LLC boosted business to 227 HECMs from 191.
Also increasing its activity was
One Reverse Mortgage LLC, where endorsements rose to 225 from 214.
In the fifth spot was Synergy One Lending Inc., with activity declining to 143 from 167 during June.
