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Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.
MetLife Loses No. 1 HECM Wholesaler Spot

Urban Financial grabs top wholesaler ranking

Dec. 7, 2010

By staff

After holding the title of biggest reverse mortgage wholesale lender for five months, MetLife Bank has relinquished the crown.

During October, home-equity conversion mortgages closed by wholesale lenders slipped to 2,307 units from September's 2,558.

In October 2009, 4,692 HECMs were originated by third parties.

The findings were based on data reported by Reverse Market Insight.

Urban Financial was the top wholesale lender, with 535 federally insured reverse mortgages closed in October. Urban lifted volume from 422 units a month earlier.

Third-party business wasn't much different at No. 2 Bank of America, N.A., where originations eased to 444 HECMs from September's 447 loans.

MetLife, which had held the title of biggest wholesaler since May, saw HECM production tumble to 354 units from the previous month's 512.

Generation Mortgage Co. ranked as the fourth biggest wholesale lender in October, with 298 loans closed, and No. 5 Sun West Mortgage Co. Inc. funded 98 wholesale HECMs.

On the aggregate, retail HECM originators closed 2,976 loans in October, down from 3,405 a month earlier and 4,081 a year earlier.

Based on both retail and wholesale originations, Wells Fargo Bank, N.A., maintained its standing as the biggest reverse-mortgage lender, closing 1,149 loans in October. No. 2 BofA funded 1,080, while MetLife followed with 656 HECMs.

Urban was next, with 623 mortgages, then No. 5 Generation's 413.

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