twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.

www.mortgagebranchmanagerjobs.com
MetLife Biggest Reverse Lender

U.S. lenders close 4,692 wholesale reverse mortgages in October

Dec. 22, 2009

By MortgageDaily.com staff


The latest monthly data indicate that reverse mortgage volume shot up at MetLife Bank -- making it the biggest reverse originator in October. But the increase at MetLife came despite an overall industry decline.

During October, MetLife Bank closed 1,834 reverse mortgages, the highest of any U.S. lender, data released today by Reverse Market Insight indicated. MetLife's volume soared from 1,136 units in September and has more than quadrupled from just 456 loans in October 2008.

"Our success this past year has been the result of a relentless focus on
our fundamentals and a testament to the strength of our brand name," Vice President Craig Corn, who heads MetLife's reverse mortgage operations, explained to MortgageDaily.com in a statement.

Corn said MetLife's financial strength has also contributed to the unit's success.

No. 2 was Wells Fargo Bank, N.A., where volume was 1,752, better than 1,404 in September.

But the month-over-month improvement at MetLife and Wells Fargo contrasted an overall industry decline to 8,773 in October from 9,470 HECMs closed the previous month. Volume contracted even further during November to 7,738 fundings.

Bank of America, N.A., was next, with volume falling to 1,546 from 1,853, then Financial Freedom Acquis., which saw volume decline to 1,266 from 1,477. No. 5 Urban Financial Group came in with 350 reverse mortgages, lower than 438 a month earlier.

Looking at just wholesale originations, HECM lenders closed 4,692 home-equity conversion mortgages in October, falling from 5,567 loans funded during September and 5,341 a year ago.

Year-to-date through Oct. 31, wholesale volume totaled 50,709.

MetLife also grabbed the top wholesaler position, closing 1,418 wholesale loans in October. Wholesale volume at MetLife was 921 in September.

No. 2 Financial Freedom saw wholesale activity ease to 918 from 999, while BoA fell to 674 from 807. Urban Financial was next, with volume declining to 310 from 371, then No. 5 Generation Mortgage, where business fell to 258 loans from 367.

next story

back to current headlines

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.




SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders