MetLife Top Reverse Wholesaler

Mortgage News

Mortgage Daily Staff

                                                 August 10, 2010

For the second month in a row, MetLife Bank’s wholesale division has closed more reverse mortgages than any other reverse mortgage wholesaler. But factoring in retail volume, another lender has dominated the top spot most of this year.

Based on wholesale and retail originations, Wells Fargo Bank, N.A., originated more reverse mortgages in June than any other lender: 1,136. The company lifted activity from 1,065 loans a month earlier.

Wells has been the biggest reverse mortgage lender each month since January — when BofA. dominated the rankings with 1,509 HECMs compared to Wells’ 1,322.

The findings were based on data reported by the newsletter Reverse Market Insight.

Bank of America, N.A., was No. 2 in June, with overall volume improving to 998 loans from May’s 891.

No. 3 MetLife Bank pushed production up to 755 HECMs from 574, and Urban Financial Group followed with business climbing to 484 from 460.

The fifth biggest reverse mortgage lender in June was Generation Mortgage Co., where volume increased to 430 loans from 388.

On just a retail basis, industry-wide HECM volume was 2,900 loans in June, improving from 2,465 in May but short of 4,010 in June 2009.

Wholesale reverse mortgage production increased to 2,404 closings in June. Volume was 2,086 a month earlier and 4,623 a year earlier.

Topping the wholesale charts for the second consecutive month was MetLife. Reverse wholesale production at the company improved to 480 loans from 371 in May.

No. 2 was BofA, with third-party business edging up to 357 units from 349, then Urban, where volume rose to 352 from 337.

Generation boosted production to 347 from 317, and No. 5 Genworth Financial Home Equity saw activity rise to 170 in June from 105 the month before.

Mortgage Daily Staff

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