The origination of government-insured reverse mortgages crept minimally higher last month. But it was still enough to reach the highest level in almost a year.
During the first month of 2015, the Federal Housing Administration endorsed 4,946 home-equity conversion mortgages.
Reverse Market Insight reported the origination data.
HECM originators lifted activity by four units compared to December.
The last time volume was this heavy was in February 2014, when 5,166 reverse mortgages were endorsed by FHA.
In January 2014, HECM endorsements numbered 5,061.
Since starting its fiscal-year 2015 on Oct. 1, 2014,
FHA has endorsed 19,150 HECMs.
American Advisors Group led last month’s originations with 1,219 endorsements. Production climbed from 1,162 in December.
No. 2 RMS/Security One Lending pushed production up to 645 units in January from 497 a month earlier.
After that was One Reverse Mortgage LLC, where business fell to 461 HECMs from the previous month’s 540.
Urban Financial of America LLC followed with 381 January endorsements, then Liberty Home Equity Solutions Inc.’s 258 HECMs.
