Business Loans

Thanks to the exit of the most prominent reverse lender, government-insured reverse mortgage production took a dive last month. Quicken Loans Inc.’s reverse mortgage subsidiary emerged as last month’s biggest originator. The Federal Housing Administration endorsed 25 percent fewer home-equity conversion mortgages during July than it did in June. Last month’s HECM endorsements were down 30 percent from July 2011. One Reverse Mortgage LLC was responsible for more HECM originations last month than any other company.

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