While there is some jockeying going on between some of the smaller players, the biggest originator of government-insured reverse mortgages, as well as the biggest reverse wholesale lender, have held on to their titles for several months now.
Wells Fargo Bank, N.A., maintained its standing as the overall biggest originator of home-equity conversion mortgages each month this year, closing 1,501 loans during September. But business at the bank tumbled from 2,000 HECMs closed during August.
The findings were based on data reported by Reverse Market Insight.
No. 2 Bank of America, N.A., saw volume dip to 995 in September from 1,106, while MetLife Bank was next, with originations falling to 863 from August’s 964.
Generation Mortgage Co. followed with 532 closings in September, then Urban Financial Group’s 509 HECMs.
Retail originators of reverse mortgages generated 3,405 closings in September, lower than 3,969 in August and worse than 3,903 a year ago.
Wholesale lenders, meanwhile, saw a more moderate dip — with HECM originations falling to 2,558 from August’s 2,672. But wholesale business was down more than half from 5,567 HECMs closed in September 2009.
MetLife maintained its grip on the top wholesale spot. Wholesale activity eased to 512 loans in September from 567 a month earlier at MetLife — which has held the top wholesale position each month since May.
BofA grabbed the No. 2 spot from August’s second biggest wholesaler Genworth Financial, which rolled in at No. 5 this month with 299 wholesale units. BofA raised activity to 447 loans in September from 429 the month before.
Urban was the third-biggest wholesaler with 422 HECMs, then Generation’s 369.
