The first month of fiscal-year 2016 was a slow one for originators of government-insured reverse mortgages as the number of active firms diminished.
During the month of October, the Federal Housing Administration endorsed 4,332 home-equity conversion mortgages — or HECMs.
HECM production slowed down compared to the previous month, when FHA mortgagees generated 4,671 endorsements on reverse mortgages.
That is according to data reported by Reverse Market Insight.
Activity also eased from the same month last year, a month that saw FHA endorse 4,852 HECMs.
While fiscal year-to-date volume includes only October’s activity,
calendar year-to-date endorsements amount to 48,181 HECMs.
Last month’s business was generated by 459 FHA mortgagees, fewer than the 472 active mortgagees as of the same month last year.
Among active HECM originators, American Advisors Group was the biggest with 1,092 endorsements during October 2015. But activity was down from 1,239 for American Advisors the previous month.
No. 2 Liberty Home Equity Solutions Inc. saw business slow to 340 HECMs endorsed, fewer than 401 in September.
With 322 endorsements last month, Urban Financial of America LLC landed the third spot. Urban also increased activity compared to 315 in September.
After that was One Reverse Mortgage LLC, where HECM endorsements fell to 317 from the previous month’s 353.
No. 5
RMS/Security One Lending had 282 endorsements in October, more than the 265 generated a month earlier.
