While both retail and wholesale government-insured reverse mortgage business was up from a month earlier, only retail improved on a year-over-year basis.
The Federal Housing Administration’s 4,577 endorsements of home-equity conversion mortgages during February included 2,645 retail-originated HECMs.
Retail reverse mortgage production accelerated compared to the first month of this year, when 2,199 HECMs from the channel were endorsed by FHA.
Historical data from Reverse Market Insight, which reported the February figures Tuesday, indicate that retail HECM business was also up from 2,557 in February 2015.
So far this year,
FHA has endorsed 4,844 retail-originated HECMs.
Wholesale activity was also higher, rising to 1,932 HECM endorsements from 1,690 in January.
But, unlike the retail channel, wholesale production weakened from February 2015, when 2,159 HECMs were endorsed for the wholesale channel.
Year-to-date 2016 wholesale volume is
3,622.
RMI also reported data used to determine the biggest originators of proprietary reverse mortgages.
At the top of the list for February was Liberty Home Equity Solutions Inc. RMI data indicate proprietary volume at the Ocwen Financial Corp.-subsidiary jumped to 227 units from 136 the prior month.
Finance of America Reverse LLC closed 199 proprietary reverse mortgages, more than the 187 it funded in January.
No. 3 American Advisors Group generated 115 proprietary closings during February, 10 more than the prior month.
With 76 closings, Reverse Mortgage Funding LLC gained on the 55 it reported for January.
No. 5 Cherry Creek Mortgage Co. funded approximately 74 proprietary reverse mortgages in February, up from 66 the previous month.
