During the final month of 2014, federally insured reverse mortgage production surged to the highest level in 10 months.
Home-equity conversion mortgages that were endorsed by the Federal Housing Administration in month of December numbered 4,942.
Reverse Market Insight reported the origination data.
That was the most HECMs endorsed during any single month since February, when FHA insured 5,166 loans.
HECM endorsements were 4,410 in November and 4,223 in December 2013.
For all of 2014, FHA insured 52,754 reverse mortgages, declining from the 61,122 loans endorsed during 2013.
American Advisors Group closed 12,169 HECMs last year, more than any other lender. Business picked up from 7,413 loans endorsed in 2013.
At RMS/Security One Lending, 5,107 HECMs were endorsed during 2014, tumbling from the prior year’s 7,536.
No. 3 was One Reverse Mortgage LLC, which originated 4,952 government-insured reverse mortgages. Volume at the Quicken Loans Inc.-subsidiary slipped from 5,405 units in 2013.
After that was 4,660 HECM endorsements at Liberty Home Equity Solutions Inc. and 3,349 at Urban Financial of America LLC.
