Generation Mortgage Co.‘s combined wholesale and retail reverse mortgage originations increased 233% in first quarter compared to the first quarter last year, the Atlanta-based company said, even as total industry-wide federal endorsements actually fell by 328 loans.
Generation Mortgage closed 1,405 home equity conversion mortgages from January through March, the most the company has sold during the same period since opening for business in 2006, according to a company statement released yesterday.
In March, the industry hit a monthly record with 11,261 HECM endorsements by the Department of Housing and Urban Development. It’s the highest number since February 2008. However, first quarter HECM endorsements were 30,205 this year compared to 30,533 last year, according to HUD data.
