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Top HECM Wholesaler Title Changes

The monthly title of top-reverse wholesaler was wrestled away from MetLife, while the biggest-retailer ranking is headed for a change after a long period of being unchallenged.

The origination of home-equity conversion mortgages reached 1,723 in June at Wells Fargo Bank, N.A., accelerating from 1,141 endorsements the previous month, according to data reported by the newsletter Reverse Market Insight. That was the most of any reverse mortgage originator.

Based on data going back more than two years, Wells — which is in the process of getting out of the reverse business — has been the biggest retail originator each month.

Behind Wells was MetLife Bank, where production rose for the second consecutive month to 1,344 HECMs. MetLife, which plans to move its reverse mortgage business to parent MetLife Inc., closed 1,242 units in May.

Urban Financial Group followed with 711 endorsements, then Genworth Financial Home Equity’s 404 and Generation Mortgage Co.’s 341.

Zeroing in on just the retail channel, the Federal Housing Administration endorsed 3,535 total retail loans during June, an improvement from 3,106 HECMs insured during May. It was also better than the same month last year when 2,900 retail HECMs were endorsed.

Shifting to the wholesale business, industry production was higher, climbing to 2,322 during June from 2,079 a month earlier and easing from 2,404 a year earlier.

With 278 closings, Urban Financial snagged the top wholesaler spot from MetLife. Urban had 304 wholesale endorsements during May.

HECMs originated through MetLife’s wholesale channel declined to 265 loans from 310 in May, landing it in the No. 2 position.

No. 3 Genworth generated 176 endorsements through its wholesale business during June, while Financial Freedom had 143 fundings and Generation originated 121 third-party HECMs.

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