A superficial month-over-month decline was recorded for government-insured reverse mortgage production. Year-over-year results were positive.
The Federal Housing Administration provided endorsements for 4,854 home-equity conversion mortgages during all of May 2017.
Business slowed from 5,036 units the previous month.
But volume increased compared to the same month last year, when 3,646 HECMs were endorsed.
The statistics were reported by Reverse Market Insight.
During the first-five months of 2017, there have been 24,258 HECMs endorsed by FHA.
RMI said 348 FHA mortgagees were responsible for 2017’s endorsements so far, fewer than the 373 active lenders during the same period in 2016.
Most active during May 2017 was American Advisors Group, where endorsements climbed to 1,028 from 993 a month earlier.
After that was Reverse mortgage Funding LLC, which saw HECM production ascend to 380 last month from 364 in April.
No. 3 Finance of America Reverse LLC pulled volume down to 348 units last month from 439.
Liberty Home Equity Solutions Inc. was in fourth position with 299 endorsements, sinking from 462 the preceding month.
No. 5 was One Reverse Mortgage LLC, where endorsements inched up to 266 in May from 261.
