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| Quarterly reverse mortgage originations fell, though monthly volume and the number of active lenders rose.
Second-quarter production of home-equity conversion mortgages was 28,689 loans, according to retail production data published by Reverse Market Insight Inc. Volume edged down from 30,205 units in the first quarter and 28,702 reverse mortgages originated in the second-quarter 2008. The latest quarter was dominated by Wells Fargo Bank, N.A., which funded 5,029 retail reverse mortgages, lower than 5,520 in the first quarter. No. 2 Bank of America, N.A., closed 2,804 HECMs, up from 2,731, and No. 3 World Alliance Financial Corp. saw volume more than double to 1,195 from 514. MetLife Bank held the fourth spot with first-quarter volume rising to 772 from 585, and fifth was One Reverse Mortgage LLC, where retail production decreased to 758 from 834. From Jan. 1 through June 30, overall reverse originations were 58,894 units, compared to 59,235 during the first half of last year. During just June, wholesale and retail HECM fundings edged higher to 8,633 from 8,396 in May. A year earlier, volume was 10,026. Wells led the pack in retail activity with 1,393 units in June, followed by BoA, at 757, and MetLife, which closed 319 HECMs. No. 4 One Reverse funded 269 loans, and No. 5 World Alliance had 255 retail closings. The number of active reverse mortgage lenders has increased to 2,461 this year from 2,172 last year. |
