For the second consecutive month, the production of federally insured reverse mortgages has nudged higher. But activity remains well short of the year-earlier level.
Home-equity conversion mortgages that were endorsed by the Federal Housing Administration during August amounted to 3,197 transactions.
FHA mortgagees lifted endorsement volume from the preceding month, when there were 2,908 loans insured. But activity came in much lower than the 4,927 HECMs that were endorsed in the same month last year.
Historical data from Reverse Market Insight indicate that there were 31,461 HECMs endorsed during the first-eight months of this year. Year-to-date endorsements were generated by 339 FHA mortgagees, fewer than the 379 that had been active through the same point last year.
The most active mortgagee, as has been the case each month this year, was American Advisors Group, which pushed up endorsements to 839 from 797 in July.
At Finance of America Reverse LLC, production picked up to 324 last month from 262.
No. 3 One Reverse Mortgage LLC saw volume soar to 275 from 225 in June.
Reverse Mortgage Funding LLC generated 203 endorsements, down from 227 one month previous.
Rounding out last month’s top five was Live Well Financial Inc., where endorsements rose to 170 from 131.
