Home-equity conversion mortgages originated by third parties climbed to the highest level in more than a year and, in the process, the title of biggest reverse wholesaler changed hands.
Reverse mortgage wholesalers closed 5,567 loans during September, climbing from 5,246 units in August, Reverse Market Insight reported. It was the highest level for wholesale HECMs since July 2008, when wholesale volume was 5,594.
In September 2008, third parties originated 4,904 reverse mortgages.
From January through September, wholesale reverse volume was 46,016 loans.
Financial Freedom Acquis. was the top reverse mortgage wholesale lender, closing 999 third-party loans. Wholesale volume at the OneWest Bank Group LLC subsidiary climbed from 809 loans in August but tumbled from 1,340 a year ago.
Financial Freedom snatched the top spot from No. 2 MetLife Bank, which originated 921 wholesale units in September. Volume at MetLife eased from the prior month’s 938 loans but leapt from just 355 third-party originations a year earlier.
With around 845 wholesale fundings, Genworth Financial was the third biggest reverse wholesaler. Genworth’s business fell from 934 loans in August but was substantially higher than 130 wholesale closings in September 2008.
Volume shot up to 807 in September from 587 at Bank of America, N.A., placing it in the No. 4 spot. BoA’s activity was barely changed from 797 third-party HECMs 12 months earlier.
Urban Financial came in at No. 5, with volume climbing to 371 loans from August’s 215 and September 2008’s 99.
