Originations for the government’s reverse mortgage program moved slightly higher last month but remained anemic by historical standards.
July saw 4,092 home-equity conversion mortgages endorsed by the Federal Housing Administration.
The statistics were reported by Reverse Market Insight.
Activity inched up from June, when FHA mortgagees generated 3,927 endorsements.
But despite the bump in business, last month was still the second-slowest month since 2012.
July’s volume was nowhere near the level of a year earlier, when 5,756 HECMs were endorsed by FHA.
During the first seven months of 2014, HECM production added up to 31,532 units.
The biggest originator of government-insured reverse mortgages continued to be American Advisors Group. Production at the Orange, Calif.-based company crept up to 1,069 loans last month from 1,008 in June.
Landing in the No. 2 spot was RMS/Security One Lending, where business slowed to 381 HECMs in July from 403.
One Reverse Mortgage LLC was next with 372 HECM endorsements, then 296 at Liberty Home Equity Solutions Inc. and 222 at Urban Financial of America LLC.
There were 444 active HECM lenders in July, fewer than 508 a year earlier.
