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Monthly HECM Production Slips

Last month was a little slower both on a month-over-month and year-over-year basis for originators of federally insured reverse mortgages.

Home-equity conversion mortgages that were endorsed by
the Federal Housing Administration numbered 4,243 in the month of April.

That was not quite as good as during
the previous month, when FHA mortgagees generated a total of 4,535 reverse mortgage endorsements.

Activity also fell short of volume during the same month last year, when FHA endorsed 4,497 HECMs.

Historical data from Reverse Market Insight, which reports the statistics, indicate that from Jan. 1 through April 30, HECM endorsements amounted to 17,247 loans.

Last month’s endorsements were originated by
358 FHA mortgagees, fewer than the 367 active lenders in April 2015.

Among April 2016’s most active mortgagees was American Advisors Group, where HECM endorsements totaled 966 — more than any other lender but fewer than the 999 endorsements in March.

No. 2 Liberty Home Equity Solutions Inc. was responsible for 446 HECM endorsements during April, surging from 338 a month earlier.

One Reverse Mortgage LLC obtained 316 HECM endorsements from FHA, slipping from 322 in March.

After that was Finance of America Reverse LLC, which saw volume dip to 270 HECMs during April from 286.

No. 5 was Reverse Mortgage Funding LLC, where activity accelerated to 262 HECMs last month from 227.

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