Mortgage Daily

Published On: June 2, 2009

 

Reverse Volume SinksMay HECM fundings 8,396

June 2, 2009

By MortgageDaily.com staff

Originations of home equity conversion mortgages tumbled 28 percent last month.Total reverse mortgage production was 8,396 during May, tumbling from 11,660 in April, according to Reverse Market Insight.

During May 2008, 9,112 HECMs were endorsed.

Wells Fargo Bank NA retained its No. 1 retail ranking, with 1,442 reverse mortgages closed, down from 2,194 in April. No. 2 Bank of America NA saw volume drop to 726 retail units from 1,321.

Financial Freedom Senior Funding was the third biggest reverse lender, with 316 units funded during May, off from 335 in April.

World Alliance Financial Corp. was No. 4 with 266 loans, down from 674. No. 5 was MetLife Bank, where volume fell to 199 from 254.

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