It was the second month in a row that Wells Fargo & Co.’s reverse unit — which is being closed down — originated more reverse mortgages than the previous month. The No. 1 title for reverse mortgage wholesaler has changed hands three times in as many months.
Despite its disclosure in June that it would exit the reverse mortgage sector, Wells Fargo Bank, N.A., once again was the biggest originator of home-equity conversion mortgages.
The bank closed 1,762 HECMs during July, climbing from 1,723 a month earlier.
The data was reported by Reverse Market Insight.
Behind Wells was MetLife Bank, where volume tumbled to 868 endorsements by the Federal Housing Administration from 1,344 in June.
Generation Mortgage Co. followed with 827 fundings, then 717 closings at Urban Financial Group and 328 HECMs endorsed at One Reverse Mortgage LLC.
Retail HECM originators generated 3,352 endorsements, off from June’s 3,535. Retail production was 3,358 HECMs in July 2010.
Wholesale business was also lower, falling to 2,159 from 2,322 a month earlier and 2,521 a year earlier.
Generation had the most wholesale originations: 336. The Atlanta-based company closed 121 HECMs in June.
No. 2 Urban Financial saw activity slip to 291 HECMs from the prior month’s 304.
At MetLife Bank, wholesale HECM production tumbled to 152 units from 265.
Genworth Financial Home Equity saw volume plummet to just 67 loans from 176 the prior month.
Wells Fargo ranked as the fifth-biggest wholesaler with 63 closings.