MetLife Bank, N.A., emerged as the biggest wholesale reverse mortgage lender last month. At the same time, Financial Freedom Acquisition’s stature is quickly diminishing.
During July, 5,392 home-equity conversion mortgages were closed by wholesale lenders, increasing 17 percent from 4,623 in June, according to Reverse Market Insight. In July 2008, reverse wholesalers closed 5,594 units.
The wholesale sector performed better than retail HECM lenders, who saw volume increase 11 percent from June to 4,436 HECMs.
U.S. reverse mortgage production so far this year by wholesalers and retailers totaled 68,677 endorsements through July 31.
MetLife was the biggest reverse wholesale lender in July with 1,040 endorsements, Reverse Market Insight reported. Bank of America, N.A., was next with 806 endorsements, then World Alliance Financial Corp.’s 610 closings, Generation Mortgage Co.’s 575 fundings and Financial Freedom Acquisition’s 520 HECMs.
No. 6 through No. 10 were James B. Nutter and Co., Genworth Financial HM Equity A, Urban Financial Group, Sun West Mortgage Co. Inc. and Wells Fargo Bank, N.A.
Based on total volume the prior 12 months, Financial Freedom was the biggest wholesaler, with 12,860 units. But the OneWest Bank FSB subsidiary is quickly losing its clout based on its lower ranking in July.
