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HECM Endorsements Jump to 19-Month High

Federally insured reverse mortgage production jumped to the highest level since the summer of 2015 despite a drop in the number of originators.

During March 2017, there were
5,364 home-equity conversion mortgages that were endorsed by the Federal Housing Administration.

Last month’s HECM endorsements turned out to be the most since
August 2015, when production worked out to 5,750 reverse mortgages.

Reverse Market Insight reported the data.

In February 2017, there were 4,426 HECMs endorsed, while the total was 4,535 in March 2016.

Through the end of last month, year-to-date production amounted to
14,368 units. This year’s production has been generated by 288 FHA mortgagees, fewer than the 327 that were active through the same date last year.

The biggest HECM originator during March 2017 was American Advisors Group, which pushed production up to 1,167 from 1,064 in a month earlier.

In second place was Liberty Home Equity Solutions Inc., where volume jumped to 536 from 376 in February.

No. 3 Finance of America Reverse LLC boosted production to 482 last month from 269.

Reverse Mortgage Funding LLC lifted endorsements to 363 units from 345, landing it in the fourth position.

No. 5 Synergy One Lending Inc. saw volume rise to 270 HECMs from 223 in February.

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