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No. 1 Reverse Wholesaler Title Changes Again

Mortgage News

As retail reverse originations slid, monthly wholesale activity continued rising. The title of biggest reverse wholesaler changed hands again.

During January, Reverse Market Insight reported that Bank of America, N.A., closed more reverse mortgages than any other U.S. lender: 1,509. BoA’s business fell from 1,887 loans the prior month.

Next was MetLife Bank, where reverse production climbed to 1,333 loans from 1,251.

Wells Fargo Bank, N.A., followed with 1,322 reverse mortgage originations, lower than December’s 1,717, then Financial Freedom Acquis, which saw volume ease to 779 loans from 781.

Volume surged at No. 5 Generation Mortgage Co. to 769 loans from 321.

Retail originations accounted for 3,171 of January’s production, falling from 3,954 a month earlier and 4,569 a year earlier.

But aggregate wholesale volume rose for the second consecutive month to 4,450 loans from 4,326 in December. Wholesale reverse production was 5,290 loans in January 2009.

January’s biggest wholesaler was MetLife, where volume increased to 1,052 loans from 930.

At BoA — December’s biggest wholesale lender — 783 wholesale loans were closed, down from 963 and second highest among all lenders.

No. 3 Generation Mortgage saw business shoot up to 604 loans from December’s 180, while Financial Freedom rose to 573 from 542 and No. 5 Urban Financial fell to 475 from 550.

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