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.
