Although monthly production slowed at retail originators of government-insured reverse mortgages, wholesale reverse mortgage lenders saw an up tick.
Retail lenders were responsible for originating 2,598 of the 4,492 home-equity conversion mortgages endorsed by the Federal Housing Administration during April.
That was according to Reverse Market Insight.
HECM production by retail originators dropped compared to the previous month, when 2,772 reverse mortgages were endorsed by FHA.
But volume accelerated from the same month last year, when retail HECM endorsements numbered 2,362.
Since the beginning of this year, there have been
10,801 HECMs endorsed that came through the retail channel.
On the wholesale side, however, HECM endorsements rose to 1,894 from 1,862 in March.
Wholesale activity was also up from 1,806 in April 2014.
From Jan. 1, 2015, through April 30, 2015, wholesalers were responsible for
7,977 HECM endorsements.
On non-government business, Urban Financial was the biggest originator of proprietary reverse mortgages in April 2015 with 253 loans closed, up from 247 a month earlier.
No. 2 Liberty Home Equity Solutions Inc. closed 164 proprietary reverse mortgages, fewer than the 230 originated in March.
Reverse Mortgage Funding raised its proprietary production to 118 from just 57 units.
After that were 89 proprietary closings in April at Cherry Creek Mortgage Co. and 68 at Live Well Financial Inc.
