The origination of government-insured reverse mortgages accelerated last month, though a single company with a nearly one-third market share was responsible for much of the improvement.
The month of May saw 4,498 home-equity conversion mortgages endorsed by the Federal Housing Administration, Reverse Market Insight reported.
Business picked up from April, when HECM endorsements fell to 4,170 — the slowest period since 3,912 reverse mortgages were insured by FHA in December 2012.
During the five months ended May 31, HECM production added up to 23,513 endorsements.
In May 2013, FHA endorsed 5,352 HECMs.
Last month’s HECMs were originated by 416 lenders, fewer than the 474 active lenders a year earlier.
The busiest of May’s active lenders was American Advisors Group, where 1,382 HECMs were closed. Endorsements at the Orange, Calif.-based company grew from 1,194 the previous month.
No. 2 was One Reverse Mortgage LLC, which let volume slip to 396 from 409 in April.
After that were 316 endorsements at RMS-Security One Lending, 265 at Urban Financial of America LLC and 248 at Liberty Home Equity Solutions Inc.
