HECM Endorsements Drop

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MORTGAGE EXPERT
10 · 04 · 11

Federally insured reverse mortgage business fell in September, though some retail originators were able to increase originations.

Last month, the Federal Housing Administration endorsed 5,590 home-equity conversion mortgages.

Business slipped from 5,807 loans closed in August. During the same month in 2010, HECMs endorsed totaled 5,966.

The statistics were released Tuesday by Reverse Market Insight.

Year-to-date Sept. 30, HECM endorsements amounted to 54,751.

The biggest retail lender in September, again, was Wells Fargo Bank, N.A. Retail endorsements at Wells fell to 1,447 loans from 1,665 HECMs funded in August.

Wells previously announced that it is abandoning reverse mortgage lending.

Behind Wells was MetLife Bank, where retail volume climbed to 1,134 in September from 936 the prior month.

At No. 3 One Reverse Mortgage LLC, HECM production slipped to 413 units from August’s 420.

Urban Financial Group pushed retail originations up to 339 from 291, landing it in the fourth spot.

The No. 5 player was Generation Mortgage Co., which closed 299 HECMs versus the previous month’s 405.

Mortgage Expert

Mortgage Daily Staff

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