Generation and Genworth’s Wholesale Business Benefits From Nutter’s Problems
May 26th, 2009 | by admin Published in News, Reverse Mortgage, Top HECM Lenders | 4 Comments
Reverse Market Insight published its wholesale lender report for April and shows that JB Nutter’s warehouse line problems impacted their wholesale business hard as its endorsement volume fell to 233 loans from 1331 in the previous month.
Despite its major drop in volume, data shows that Nutter still has the highest capture rate of its brokers which send 48% of their business to the company. Genworth has the lowest capture rate among the top wholesale lenders with 15%. Below is a list of the top wholesale reverse mortgage lenders through April 2009.
| Lender | Units | Growth | |
| 1 | Financial Freedom | 16,147 | -38.7% |
| 2 | JB Nutter | 15,623 | 53.2% |
| 3 | Bank of America | 9,357 | 6.6% |
| 4 | MetLife Bank | 5,226 | 131.0% |
| 5 | World Alliance Financial | 5,150 | 70.4% |
| 6 | Generation Mortgage | 2,297 | 272.3% |
| 7 | Genworth Financial | 1,786 | 315.3% |
| 8 | Urban Financial | 1,728 | 464.7% |
| 9 | Sun West | 1,674 | NA |
| 10 | Wells Fargo | 1,202 | 1000.0% |
Assuming Nutter’s wholesale numbers bounce back in May I’d expect them to take the top spot back from Financial Freedom.
Wholesale Leaders – April 2009
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May 26th, 2009 at 5:50 pm (#)
I’m still wondering about Wells Fargo’s wholesale program. I see them in lists like this but nobody seems to know how the program works. Where can I find information about their wholesale program?
May 27th, 2009 at 5:44 am (#)
Wells has no back end at all. They charge you to send them files.
May 27th, 2009 at 10:07 am (#)
Wells is a pain to work with:
1. They will only accept applications printed from their system.
2. They require an original package shipped to them for submission.
3. They order the appraisal, case number, and flood cert so you really have no idea when anything has been completed on your file
May 27th, 2009 at 12:51 pm (#)
Wells is awful and fortunately an option one can avoid due to the emergence of other more wholesale friendly and efficient lenders. Those on the inside, in retail at Wells, don’t stay very long. I know four former l.o.’s who had nothing nice to say about them.