Monthly retail production of government-insured reverse mortgages increased from the year-earlier period, while wholesale activity was lower. Non-government reverse lending was led by Urban Financial Group.
Retail-originated home-equity conversion mortgages accounted for 2,734 of the total 4,685 HECMs endorsed by the Federal Housing Administration during November.
Retail activity moved up from 2,510 reverse mortgages insured in October and the 2,705 endorsements previously reported for November 2012.
FHA endorsed 1,951 HECMs originated through the wholesale channel during the latest month.
While wholesale volume jumped from 1,676 HECM endorsements a month earlier, it fell short of the 1,724 loans originated a year earlier.
Switching to non-FHA activity, Urban Financial originated 239 proprietary reverse mortgages in November, more than any other lender. Urban Financial’s business, however, tumbled from 327 units closed in October.
No. 2 was Liberty Home Equity Solutions Inc. where activity more than doubled to 231 loans from the previous month’s 112.
At Cherry Creek Mortgage Co., volume soared to 154 proprietary reverse mortgages in November from just 21.
Security One Lending/RMS production rose to 83 units from 68 in October.
No. 5 was American Advisors Group, which originated 53 proprietary reverse mortgages in November versus the prior month’s 46 loans.
