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| The same two lenders that dominated first-quarter residential originations also dominated home-equity conversion mortgage production last month.Wells Fargo Bank, N.A. maintained its grip on the top reverse lender spot.
April volume at the San Francisco-based company was 2,375 loans, edging up from March’s 2,371, according to the Reverse Market Insight newsletter. April included around 2,194 retail originations and 181 wholesale originations. Next was Bank of America NA, which closed 2,159 reverse mortgages last month, higher than 1,846 in March. Third parties originated around 838 of BoA’s business, while retail originators accounted for 1,321. Wells and BoA were also the top two originators of all types of mortgages secured by one- to four-unit properties during the first quarter. With 1,735 units, Financial Freedom Senior Funding was No. 3 in April. Business increased from 1,600 HECMs in March. Around 1,400 loans were originated by third parties last month, while retail activity was just 335. World Alliance came in next, with 966 HECMs closed last month, soaring from 364 in March. April retail originations were 674, and wholesale business was around 292. No. 5 MetLife Bank funded 880 reverse mortgages in April, climbing from 741 the prior month. Third-parties accounted for 626 of MetLife’s business, while retail activity was 254. |
