A subsidiary of Lehman Brothers Bank, FSB reported that it held 50% of the reverse mortgage market during June.
In an announcement released this week, Financial Freedom Senior Funding Corporation reported that it originated 1,240 loans in June, a 20% increase over May. The company said "this loan production represents a roughly 50% market share" of the reverse mortgage market.
June's production was an industry record, the announcement said.
Financial Freedom reported that so far it has made more than 18,000 reverse mortgage loans totaling more than $3 billion in home value. Using an average of $166,667, June's activity would equate to about $207 million.
During the first six months of the year, Financial Freedom reported fundings of approximately 6,000 loans, an 80% increase over the same period last year. For all of 2001 the company said it originated $1 billion of home value in reverse mortgages.
The company reported its servicing portfolio at approximately 29,000 loans.