Nearly a quarter, or 23% of companies licensed under the Nationwide Mortgage Licensing System & Registry, are now originating reverse mortgages, according to the latest data on NMLS business activities.
The total number of companies in the registry that are doing reverse mortgages is 3,515, NMLS reports, compared with 13,298 companies licensed to do first mortgage loan brokering and 1,376 Federal Housing Administration Direct Endorsement mortgagees.
Of those licensed under NMLS, 83% of companies are licensed in just one jurisdiction, will the remainder operate in multiple states across the country. Just 175 companies operate in 21 states or more, including forward and reverse mortgage companies.
The NMLS data, compiled in 2011 and reported in February, indicates that there are nearly 15,000 companies, 16,000 branches, and more than 100,000 individuals licensed to operate in the United States.
View the NMLS report.
Correction: A previous version of this article stated in error that 5,292 companies were doing reverse mortgages. RMD regrets the error.
Written by Elizabeth Ecker