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Wholesale Reverse Business Off

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Mortgage Daily

                                                 October 8, 2009

Wholesale reverse mortgage production declined in August, though surging originations at one firm helped it become the second-biggest wholesaler for the month. MortgageDaily.com corrected a story Tuesday that mistakenly identified retail reverse originations by lender as overall production at the companies.

Wholesale originations of home-equity conversion mortgages eased to 5,246 loans in August from the prior month’s 5,392, Reverse Market Insight reported. In August 2008, wholesale production was 5,356.

The biggest wholesale lender during August was again MetLife Bank, N.A., with 938 wholesale HECM fundings. MetLife’s activity was down from 1,040 loans in July but better than 343 third-party originations a year earlier.

Jumping to the No. 2 spot was Genworth Financial HM Equity A, which closed around 934 loans — more than double the approximately 406 closed in July and many times higher than 118 in August 2008.

Financial Freedom Acquisition’s 809 loans was next, better than July’s 520; then Bank of America, N.A., which in August had 587 wholesale fundings, falling from 806 loans. No. 5 Generation Mortgage Co. closed 460 reverse mortgages, down from 575.

In a story Tuesday, MortgageDaily.com incorrectly reported total originations from the top-five reverse mortgage lenders. In fact, the figures reported Tuesday were retail only.

Today’s report indicated that Wells Fargo Bank, N.A., which was the biggest retail lender last month, was the biggest overall reverse originator in August with 1,540 closings, falling from 1,889 the prior month.

Bank of America, N.A., closed 1,305 total units, also down from July when it closed 1,563 loans.

Next was MetLife Bank, where 1,204 loans were closed during August, off from 1,344.

Financial Freedom Acquisition followed with 1,151 August fundings, higher than 743, while No. 5 Genworth Financial Hm Eq shot up to 934 from July’s 406.

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