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Bank Retakes Lead in Reverse Production

Mortgage News

A monthly tally of reverse mortgage originations by lender indicates that the top spot has changed hands again. But the biggest wholesale lender in the reverse mortgage arena maintained its title.

In November 2009, Wells Fargo Bank, N.A., stole the No. 1 spot from MetLife Bank, according to data reported by Reverse Market Insight. Wells saw retail and wholesale reverse mortgage volume slip to 1,635 loans from 1,752 in October. Prior to October — Wells had consistently been the biggest reverse mortgage lender.

No. 2 Bank of America, N.A., pushed volume up to 1,579 from 1,546. MetLife, which ranked as the biggest reverse lender in October with 1,834 loans, saw business tumble to 1,469 in November.

Financial Freedom Acquis. was next with 699 units, followed by No. 5 Urban Financial Group, where activity increased to 388 reverse mortgages.

Looking at just wholesale production, aggregate reverse mortgage originations totaled 3,901 loans in November, tumbling from 4,692 in October and 4,280 in November 2008.

MetLife maintained its grip on the top wholesaler spot — despite that wholesale volume declined to 1,123 loans from 1,418 in October.

BoA was No. 2, with business rising to 851 loans from 674. But business tumbled at No. 3 Financial Freedom — to 489 from 918.

Urban Financial followed with 271 wholesale units funded during November, then Genworth, which had 216 wholesale fundings.

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