Retail originators of government-insured reverse mortgages managed a monthly production gain of more than a third. Even wholesale originators saw an increase as the No. 1 title changed hands again. Based on both retail and wholesale volume — the two biggest lenders saw substantial monthly gains.
In November, Wells Fargo Bank, N.A., closed 1,903 reverse mortgages that were insured by the Federal Housing Administration — helping to maintain its No. 1 standing among reverse mortgage lenders, according to Reverse Market Insight. The lender boosted activity from just 1,149 home-equity conversion mortgages closed in October.
MetLife Bank followed, with 1,221 November fundings versus just 656 in October. Next was Bank of America, N.A.’s, 929, closings, then Urban Financial Group’s 543 originations and Generation Mortgage Co.’s 423 loans closed.
Retail HECM origination strengthened in November, rising to 4,004 closings from October’s 2,976 fundings. The newsletter previously reported that 3,836 retail HECMs were closed in November 2009.
On the wholesale side, 2,547 HECMs were originated during November, also better than October when 2,307 third-party originations occurred. But wholesale business was down substantially from 3,901 closings a year earlier.
MetLife took back the top wholesaler spot from Urban Financial, closing 642 wholesale reverse mortgages in November compared to October’s 354.
Urban, which took the No. 1 title from MetLife in October, slipped to No. 2 as originations slipped to 456 loans from 535 the month before.
BofA came in third with 379 wholesale fundings, then Genworth Financial Home Equity’s 310 closings and Generation’s 292 originations.
