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| A Georgia-based reverse mortgage lender saw quarterly volume more than triple — propelling it to the No. 6 spot among the biggest reverse lenders.Generation Mortgage Co. announced today that it closed 1,405 home-equity conversion mortgages during the first quarter. Reported activity included retail and wholesale originations.
“This represents the most reverse mortgages the company has closed over the same period since opening for business in 2006,” the announcement said. First-quarter activity was up 233 percent from a year earlier. Industrywide, Generation said first-quarter volume was 30,000 — about the same as in the first-quarter 2008. The Atlanta-based firm said that the increase to $625,500 in the HECM limit under the American Recovery and Reinvestment Act generated new interest in reverse mortgages. Also helping to place a spotlight on reverse programs was the lack of liquidity in the secondary mortgage market. “The FHA-insured reverse mortgage has become the best option for those in need of cash now,” Generation Chairman Jeff Lewis said in the statement. Generation, which ranked as the seventh biggest retail reverse lender in the first quarter according Reverse Market Insight Inc., said it ranks as the sixth biggest U.S. reverse lender overall. |
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