Mortgage Daily Logo

Retail Reverse Originations Outrun Wholesale

Mortgage News

The biggest originator of federally insured reverse mortgages saw monthly business soar 37 percent. While reverse volume through retail lenders has climbed 8 percent over the past year, wholesale originations have been chopped in half.

Based on retail and wholesale volume, the biggest originator of home-equity conversion mortgages during August was Wells Fargo Bank, N.A., according to data released by Reverse Market Insight. Volume jumped to 2,000 units — the highest level this year — from 1,460 in July.

HECMs are insured by the Federal Housing Administration.

No. 2 Bank of America, N.A., saw HECM originations rise to 1,106 loans from 864 in July, while MetLife Bank came in third with August business declining to 964 loans from 1,062. Next was Genworth Financial Home Equity, where the number of reverse mortgages closed climbed to 621 units from 581. Generation Mortgage Co. rounded out the top five, with activity edging up to 369 loans from 366.

Data on just retail originations indicated that 3,969 federally insured retail reverse mortgages were closed in August versus 3,358 in July. A year earlier, 3,681 retail originations occurred.

The annual improvement didn’t carry over to the wholesale channel, which saw volume fall to 2,672 from 5,246 in August 2009. But wholesale originations were better than 2,521 HECMs originated in July.

MetLife maintained its dominance of the wholesale channel, closing 567 loans in August compared to 667 in July.

Genworth was No. 2 at 451 loans, higher than 334 the month before. No. 3 BofA saw wholesale production climb to 429 loans in August from 302, while Urban closed 301 HECMs, fewer than 324 wholesale loans a month earlier. No. 5 Generation closed 285 reverse mortgages in August, two more than the month previous.

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Mortgage Servicer Portfolios

servicing news | mortgages outstanding statistics | foreclosure news   Servicing Portfolios as of 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 Residential Servicing Portfolios by Servicer Last Updated December 14, 2018...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC filings | execs | m&a | production   Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move --...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Freddie Mac Profile

Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move -- which is likely to push mortgage rates lower and provide a sense of stability for the more than 10,000 employees at both companies -- is a...

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 home closing documents have 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...

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 mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI