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Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.
Reverse Business Climbs

9,830 HECMs closed in July

August 5, 2009

By staff

As home-equity conversion mortgage production strengthened, the biggest lender funded twice as many loans monthly as the second-biggest lender. And the same can be said for No. 2 and No. 3.

July volume climbed to 9,830 loans from 8,633 in June based on data from the newsletter Reverse Market Insight.

In July 2008, HECM volume was 9,484.

Wells Fargo Bank, N.A., ranked as the top reverse mortgage lender in July, with 1,715 units. A month earlier, Wells closed 1,393 HECMs.

No. 2 was Bank of America, N.A., with closings coming in at 757 -- unchanged from June.

The third biggest reverse mortgage lender last month was MetLife Bank, which closed 304 loans, down from June's 319.

Next was World Alliance Financial Corp., where 293 HECMs were endorsed during July. The prior month's volume was 255. The Melville, N.Y.-based firm said last month that it stopped accepting new business and might wind down altogether.

No. 5 was One Reverse Mortgage LLC. The Quicken Loans Inc. subsidiary closed 266 loans in July and 269 in June.

Through July 31, 68,724 HECMs have been closed by U.S. reverse mortgage lenders.

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