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BoA is Biggest Reverse Wholesaler

BoA is Biggest Reverse Wholesaler4,275 wholesale reverse mortgages originated in May

July 9, 2009

By staff

As wholesale reverse mortgage originations tumbled at one lender, a unit of Bank of America Corp. stepped in to grab top the monthly ranking.

A new report from Reverse Market Insight indicated that total reverse mortgage volume was 8,352 units in May, falling from 11,661 loans in April and 9,110 in May 2008.

Retail activity accounted for 4,077 home-equity conversion mortgages in May, tumbling from the prior month’s 6,320 and the prior year’s 4,636.

Wholesale HECM originations fell to 4,275 from April’s 5,341 and May 2008’s 4,474.

The biggest reverse wholesale lender was Bank of America, N.A., which saw 783 wholesale reverse mortgage fundings in May, dropping from 838 a month earlier. BoA ranked as the second biggest U.S. lender in a first-quarter analysis of residential originations by

No. 2 World Alliance Financial saw wholesale volume surge, however, to 618 from 292, while No. 3 MetLife Bank fell to 500 HECMs from April’s 626.

Over at No. 4 Financial Freedom, wholesale business was 466 units in May — tumbling from 1,400 loans the prior month when it was the biggest reverse wholesaler.

No. 5 Generation Mortgage Co. had wholesale reverse mortgage volume of 385 loans, declining from 483.

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