Mortgage Daily Logo
mortgage news from industry experts

New Reverse Mortgage Leader Emerging

Including government-insured and proprietary loans, reverse mortgage production grew during the latest month. The improvement hit both the retail and wholesale channels. With a new world order just around the corner for the sector, one company is poised to be the new leading originator.

Out of the 5,182 previously reported home-equity conversion mortgages that were endorsed by the Federal Housing Administration during June, retail originators generated 2,821 loans. Retail business increased form 2,587 in May but fell short of the 3,535 HECMs endorsed a year earlier.

Wholesale lenders originated 2,361 HECMs, also better than May when 1,840 federally insured reverse mortgages were endorsed. Wholesale HECM production inched up from 2,322 endorsements in June 2011.

The totals were reported in the newsletter Reverse Market Insight.

Looking at just proprietary production from both channels, Urban Financial Group originated 397 reverse mortgages during June — more than any other lender. Urban’s proprietary business was better than 328 in May and 314 a year earlier.

Including HECM and proprietary reverse mortgage production, Urban closed 754 loans in June — making it the No. 2 overall reverse originator. Urban has been the second-biggest reverse mortgage lender behind MetLife Bank, N.A., each month since March, positioning the Tulsa, Okla.-based company as the biggest reverse mortgage lender once MetLife completes its exit from mortgage lending.

While MetLife Bank is on its way out of the business, it still managed a silver medal with 205 non-FHA reverse mortgages originated in June, more than 188 a month earlier. Including HECM business, MetLife’s June production was 1,451 reverse mortgages — more than any other company.

No. 3 in the proprietary category was Generation Mortgage Co., where volume grew to 203 reverse mortgages from 158 the previous month. With 424 in overall production, Generation was the fourth-biggest lender.

Genworth Financial Home Equity closed 184 proprietary reverse mortgages in June, landing it in the fourth spot. Genworth was third based on overall production of 424 loans.

Rounding out the top five proprietary reverse mortgage lenders was Sun West Mortgage Co. Inc., where production climbed to 155 from 139 in May.

Out of the seven lenders for which Reverse Market Insight reported proprietary production, all had an increase from May.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts