Mortgage Daily Logo

New Reverse Wholesale Leader

Mortgage News

In a little more than a year, five companies have held the volatile title of biggest reverse mortgage wholesaler. It was the first time at the top for the latest leader.

Wells Fargo Bank, N.A., continued to dominate overall reverse mortgage lending — with 1,787 retail and wholesale units closed in February. Production at the biggest originator of home-equity conversion mortgages, however, slowed from 1,841 in January.

The volume statistics were reported by Reverse Market Insight.

Not far behind was Bank of America, N.A., where government-insured reverse volume fell to 1,132 from the previous month’s 1,288. BofA said in February that it is exiting reverse mortgage lending.

MetLife Bank followed with 903 closed HECMs in February, then 637 at Genworth Financial Home Equity and 556 at Urban Financial Group.

As a group, retail HECM originators closed 4,075 loans in February, edging up from 4,049 units the prior month and better than 3,124 a year earlier.

But wholesale HECM lenders managed a bigger improvement, pushing volume up to 2,805 from January’s 2,413. However, the wholesale channel fell short of the 3,890 HECM closed in February 2010.

Among wholesale originators, Genworth emerged as the biggest HECM lender. Wholesale originations jumped to 547 reverse mortgages — more than any other wholesaler during February and the first time Genworth held the top spot based on the oldest data available from 2008. Genworth closed 359 HECMs through its wholesale channel in January.

Genworth’s reign among reverse wholesalers is likely to be short-lived based on prior volatility; since the beginning of last year, the title has been held by MetLife, BofA, Urban and Generation.

February’s No. 2 HECM wholesaler was MetLife, which funded 459 loans, lower than 533 the prior month.

After that was Urban’s 457, Generation’s 397 and BofA’s 355.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

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 paperwork has 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 furniture need to...

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...

Newsletter

Don’t worry, we don’t spam