Wholesale lenders pumped up the monthly volume on government-insured reverse mortgages, as did most of the top proprietary reverse lenders.
Home-equity conversion mortgages originated through the retail channel accounted for 2,773 of the 4,851 HECMs endorsed by the Federal Housing Administration during October.
The numbers were collected and reported by Reverse Market Insight.
Retail production strengthened from the previous month, when 2,248 federally insured reverse mortgages were closed.
It was also better than the same month during 2013, a month that saw retail originators generate 2,510 HECM endorsements.
From Jan. 1, 2014, through Oct. 31, 2014, retail HECM endorsements amounted to
24,471 loans.
Wholesale HECM production was also higher, soaring to 2,078 units from 1,514 endorsements in September.
Like with retail activity, wholesale sources originated more than in October 2013, when the total was 1,676 endorsements.
During the 10 months ended Oct. 31, wholesale HECM production was 19,131.
The report indicated that
among companies that originate proprietary reverse mortgages, Urban Financial Group’s 187 funded loans during October were more than any other reverse mortgage company. Urban’s business was up from 118 units a month earlier.
No. 2 Cherry Creek Mortgage Co. closed 176 proprietary loans in the most-recent month, skyrocketing from just 60 in September.
After that were 159 reverse mortgages during October at Liberty Home Equity Solutions Inc., 122 at Reverse Mortgage Funding LLC and 95 at American Advisors Group.
