FHA Reverse Mortgage Endorsements Continue to Climb
The number of federally insured reverse mortgages done by the FHA continued upward during the month of April. The HUD (Department of Housing and Urban Development) data shows that the FHA endorsed 11,650 HECMs (reverse mortgage - home equity conversion mortgages), which is 400 more than the figures for March.
The largest retailer of HECMs remains Wells Fargo Home Mortgage. Wells Fargo registered nearly 2,100 reverse mortgages in April, out of a total of 11,790 for the fiscal year. The number two position is occupied by Bank of America and Countrywide Financial is in the fifth position.
Bank of America acquired Countrywide last year and they endorsed more than 1330 retail loans in April. The merger was officially completed on the 27th of April. HECM watch groups expect to see the endorsement reports for Countrywide Financial ‘tail off quickly’.
Financial Freedom currently ranks third in total retail reverse mortgage originations, with a total completed 2,772 originations so far. World Alliance Financial comes fourth with a total of 2,371 HECM loans originated so far.
