Leading Proprietary Reverse Lenders

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MORTGAGE EXPERT
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New data indicate that both wholesale and retail government-insured reverse mortgage fundings moved higher on a monthly basis. On non-government originations, Urban Financial Group led the pack.

Out of the 5,743 home-equity conversion mortgages endorsed in July by the Federal Housing Administration, 3,232 were originated through the retail channel.

Retail HECM business grew from 3,002 endorsements a month earlier and soared from just 2,143 a year earlier.

Wholesale HECM endorsements increased to 2,511 from 2,335 in June and were also stronger than the 1,704 units insured in July 2012.

The findings were based on data reported by Reverse Market Insight.

Also included in the report was the number of total reverse mortgage originations, including HECM and proprietary loans, by lender.

Subtracting out previously reported HECM production, proprietary volume at Urban Financial was 414 during July — more than any other reverse mortgage lender. But business at Urban fell from the prior month’s 482 fundings, though it was better than 404 in the same month during 2012.

No. 2 was Liberty Home Equity Solutions Inc., where proprietary volume slipped to 281 from 284 but was better than 129 closings in July 2012.

After that was Generation Mortgage, with 239 units versus the previous month’s 191 closings. There was no changed from the year-earlier period at Generation.

With roughly 158 units, Sun West Mortgage Co. Inc. was No. 4 in the most recent report, followed by Cherry Creek Mortgage Co.’s approximately 112 proprietary reverse mortgage originations in July.

Mortgage Expert

Mortgage Daily Staff

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