Reverse Mortgage Retailers See Uptick in Business

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MORTGAGE EXPERT
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While reverse mortgage production has fallen considerably from a year ago, retail originators turned up the volume on a month-over-month basis. Wholesale lenders, however, barely maintained their pace of production.

Out of the 4,120 home-equity conversion mortgages endorsed by the Federal Housing Administration in August, 2,415 were originated through the retail channel.

Production improved from July, when 2,143 retail HECMs were endorsed. But retail business sank from a year earlier, when FHA insured 3,705 reverse mortgages.

The figures were reported in the newsletter Reverse Market Insight.

At 1,705, wholesale HECM production was barely changed from 1,704 in July. But the change was more apparent compared to August 2011, when wholesale lenders generated 2,009 in HECM endorsements.

Including FHA-insured HECMs and proprietary reverse mortgages, Urban Financial Group churned out the most reverse mortgages in August: 655. Urban’s business declined from 702 a month earlier.

No. 2 Genworth Financial Home Equity closed 562 units, climbing from 425 in July.

After that was 561 reverse mortgages at American Advisors Group, 490 at Generation Mortgage Co. and 418 at One Reverse Mortgage LLC.

Mortgage Expert

Mortgage Daily Staff

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