Generation Mortgage’s Wholesale Business Sees Growth in 2009
March 31st, 2009 | by admin Published in Generation Mortgage, JB Nutter, News, Reverse Mortgage, Top HECM Lenders | 1 Comment
RM Insight published a new report which details how the wholesale reverse mortgage business has performed over the last year. In terms of rankings, the only wholesaler that moved up from the end of 2008 is Generation Mortgage. The Atlanta, GA based wholesaler moved from 8th at the end of 2008 to 6th over the last 12 months.
Below is a list of the top 10 wholesalers over the last 12 months.
| Company | Units | Growth % | |
| 1 | Financial Freedom | 17,210 | -41.60% |
| 2 | JB Nutter | 16,688 | 92.00% |
| 3 | Bank of America | 10,551 | 73.90% |
| 4 | World Alliance Financial | 5,551 | 142.40% |
| 5 | MetLife | 4,659 | 165.00% |
| 6 | Generation Mortgage | 1,647 | 233.40% |
| 7 | Sun West Mortgage | 1,569 | -21.90% |
| 8 | Genworth Financial | 1,319 | 440.60% |
| 9 | Urban Financial | 1,175 | 784.30% |
| 10 | Wells Fargo | 847 | 773.20% |
I’d estimate that over the next two months these numbers will change a bit due to the layoffs at Financial Freedom and JB Nutter’s decision to suspend new submissions in February.
When Nutter made the announcement, competing wholesalers saw an increase in business and this probably won’t show up in the endorsement reports until April. According to RM Insight’s report, JB Nutter’s business consisted of 680 brokers which made up over 26% of the total wholesale business.
Maybe RM Insight can do a report showing which wholesalers were able to pick up the most business from Nutter during the last two months?
- Related Posts
- Top Wholesale Reverse Mortgage Lenders Through July 2009
- Generation and Genworth’s Wholesale Business Benefits From Nutter’s Problems
- Top Wholesale Reverse Mortgage Lenders of 2009 Update
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April 1st, 2009 at 8:24 am (#)
Ever since Nutter stopped accepting new submissions we started to submit our loans to other investors, Genworth, Metlife & Senior Lending Network (World Alliance Financial. SLN was by far the easiest to work with and really made the transition seamless.
There back office has made big strides from the last time we worked with them and we couldn’t be happier.
We also tried out Genworth & Metlife and the experience was horrible, turn times were roughly 96-120 hours and there customer service was awful, sometimes it took days to hear back from our rep.