The new year was off to a slow start for reverse mortgage originators — whose numbers have dwindled.
Home-equity conversion mortgage production during January was 6,464 loans, Reverse Market Insight reported. Volume was off from 6,554 loans closed in December.
Previously reported data indicate that HECM originations were 7,629 in January 2010.
HECMs are insured by the Federal Housing Administration.
In the latest report, Reverse Market Insight ranked HECM lenders by retail originations.
At the top of the list was Wells Fargo Bank, N.A., which saw retail reverse originations fall to 1,687 reverse mortgages last month from December’s 1,820.
Volume slipped at No. 2 Bank of America, N.A., to 843 units from 864, while MetLife Bank declined to 466 HECMs from 638.
One Reverse Mortgage LLC followed with 322 federally insured reverse mortgages funded in January, and No. 5 Generation Mortgage Co. closed 122 loans.
The number of active reverse mortgage lenders has tumbled to 666 from 1,017 last year. The decline likely reflects a recent spike in FHA mortgagee terminations.