One Reverse Mortgage has gotten the go-ahead from Ginnie Mae to securitize Federal Housing Administration (FHA) Home Equity Conversion Mortgages.
One Reverse Mortgage president and chief operating officer Gregg Smith said the primary reason the company undertook what he said was a lengthy certification process was to secure optimal loan pricing for its clients.
According to the research firm Reverse Mortgage Insight, One Reverse was the nation's fourth most active lender in this category during the government fiscal year-to-date through June. However, the companies listed as No. 1, Wells Fargo, and No. 3, Bank of America, are no longer originating HECMs.
Ginnie Mae said in June, HMBS issuance totaled $801, up from $771 million issued in May.