Reverse mortgage lenders had another month-over-month decline in government-insured originations as fewer lenders were active last month.
There
were 4,640 home-equity conversion mortgages endorsed by the Federal Housing Administration during March.
Production was down for the second consecutive month from 4,747 HECMs endorsed during February.
But business picked up from March 2014, when FHA endorsed 4,618 reverse mortgages.
The statistics were detailed in the Reverse Market Insight newsletter.
During the first quarter of this year,
14,333 HECMs were endorsed.
Last month’s FHA-insured reverse mortgages were originated by 339 mortgagees, fewer than the 377 that were active a year earlier.
Among March 2015’s busiest players was American Advisors Group, where volume inched up to 1,155 endorsements from 1,132 in February.
One Reverse Mortgage LLC was responsible for 487 endorsements, off from 501 the prior month.
Liberty Home Equity Solutions Inc. saw endorsements rise to 390 HECMs in March from 264 the prior month.
At No. 4 RMS/Security One Lending, 362 federally insured loans were originated, 30 fewer than in February.
Rounding out the top five was Urban Financial of America LLC, where business slowed to 339 endorsements from 396.
