The number of federally insured reverse mortgages made by FHA to continue to increase during the month of April. The HUD (Department of Housing and Urban Development), the data show that 11,650 FHA approved HECM (Reverse Mortgage – House of equity conversion mortgages), which is 400 more than the figures for March.
The HECM largest retailer remains Wells Fargo Home Mortgage. Wells Fargo recorded nearly 2,100 reverse mortgages in April, a total of 11,790 for the fiscal year. The second position is occupied by Bank of America and Countrywide Financial is in the fifth.
Bank of America acquired Countrywide last year approved more than 1,330 retail loans in April. The merger was officially completed on 27 April. HECM groups see wait to see the reports for approval of Countrywide Financial ‘tail off quickly.
Financial Freedom currently ranks third in total reverse mortgage origination retail, with a total of 2772 completed the source so far. World Alliance Financial is the fourth with a total of 2,371 HECM loans home so far.