2009's Biggest Reverse Mortgage Lenders
Reverse mortgage production exceeded 100,000 loans last year, and the biggest lender closed nearly one-fifth of the total. For the third month in a row, the title of biggest reverse mortgage lender has gone to a different lender. In addition, the biggest wholesale reverse lender relinquished its title.
Total reverse mortgage production from all U.S. lenders was 111,864 units during 2009, Reverse Market Insight reported.
Topping the list was Wells Fargo Bank, N.A., which closed 21,411 reverse mortgages last year.
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Refis to Drag Down 2010 Originations
A mild decline in purchase financing this year will be overshadowed by a big drop in refinance transactions.
LendingTree Production Earnings Overtake Leads
Quarterly originations at LendingTree Loans edged higher and were up 30 percent from a year ago. Earnings from loan production now exceed earnings from its lead generation unit even though the average loan amount at the lead unit is up more than a third.
MetLife Production Eases
Forward- and reverse-mortgage originations eased during the latest quarter at MetLife Home Loans, while mortgage headcount dropped by nearly 100.
GMAC Originations, Losses Rise
GMAC Financial Services was one of only three major mortgage lenders to report an increase in quarterly mortgage production. But just as originations rose, so did losses.
Commercial Mortgage Originations Stronger
Quarterly production of loans secured by commercial real estate increased on a quarterly and annual basis. Among lenders, commercial banks led the rise, while the biggest increases were seen among loans secured by health-care properties.
Flagstar Inflates Fundings, Lowers Losses
Quarterly and annual originations increased at Flagstar Bancorp Inc., while quarterly losses fell. But delinquency and annual earnings didn't fare so well.
Agency Issuance Drops
Agency issuance of mortgage-backed securities fell last month but soared from a year earlier.
Banks Continue to Tighten Lending Standards
Although banks have eased up on increasing restrictions for many types of lending, mortgage guidelines continued to tighten. While fewer banks made fewer changes to restrict the issuance of home-secured credit lines, borrowers showed less interest in such products.
HUD Reports Rise in HECM Originations
During its last fiscal year, endorsements of reverse mortgages by the Federal Housing Administration jumped by a quarter.
