As retail and wholesale government-insured reverse mortgage business fell, an Ocwen Financial Corp. unit was biggest among proprietary reverse mortgage lenders.
Out of 4,328 home-equity conversion mortgages that were endorsed by the Federal Housing Administration in October, retail originators were responsible for 2,427.
Business from the channel slowed from a month previous, when 2,589 HECMs were endorsed, and the same month last year, when FHA endorsed 2,773 HECMs.
Reverse Market Insight reported the statistics.
In the 10 months ended Oct. 31, 2015, HECMs endorsed from the retail channel amounted to
26,887 units.
On the wholesale side, HECM endorsements fell to 1,901 from 2,080 in September 2015. In October 2014, there were
2,078 HECMs endorsed from the wholesale channel.
Year-to-date Oct. 31, 2015, HECMs endorsed from wholesale lenders came to
21,227.
In the proprietary reverse mortgage business,
Liberty Home Equity Solutions Inc. was the biggest originator during October 2015 with 202 units closed. Still, business at the Ocwen-subsidiary was off from 222 a month earlier.
No. 2 Live Well Financial Inc. saw proprietary business climb, though, to 190 loans from 173 reverse mortgages closed in September.
With 185 closings in October, Urban Financial Group came in third. Production at Urban, a subsidiary of Finance Of America Holdings LLC, retreated from 270 loans the prior month.
American Advisors Group came in fourth with 87 proprietary reverse mortgages closed, six more than in September.
No. 5 in October was Reverse Mortgage Funding LLC, where volume rose three units to 74 in October.
