Wholesale Reverse Mortgage Volume Continues to Slide, MetLife Holds Top Spot

January 4th, 2010 | by John Yedinak Published in Bank of America, Financial Freedom, Generation Mortgage, MetLife, News, Reverse Mortgage, Reverseit | 3 Comments

Wholesale reverse mortgage volume came in at 3,900 units in November, down 17% from October. November’s volume is the lowest the industry has seen in 2009 and brings YTD total to 54,609.

MetLife retained its #1 spot in November with 1,123 units but still saw its volume decline a bit from October.

The only reverse mortgage lender in the top 5 who saw volume increase in November was Bank of America with 851 units. Below is a chart of the top wholesale lenders in November.

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The_Critic

These resuts are not surprising. With the acceleration of loans into the end of September, sales should be down. With the 10% reduction in principal limits, they should remain down for awhile.

Admin, as you have pointed out so many times before, we cannot expect to see increases in these numbers until the home market begins turning around.
treverse

Critic,

If you are waiting fot the home market to turn around to see increased volume(it hasn't even stabilized yet) you might as well retire!

I believe we will continue to see lower volume for some time. Who knows what new regulations are in store for us this year? The good news is it will shake alot of people who are not so committed to our seniors out of this industry!

There are many in my market who switched over from the forward side because they thought this was the next boom. There may be less originations in our future but fewer committed loan officers to share in the success!
bigjohn77

After 10 yrs the masses have awaken to a beautiful product for some people.
Much confusion has ensued from the mad rush to grab money without the thought of consequences. Our Politico has also done a mad rush to save the seniors at the expense of the product. As the quick buck boys slide away to other ventures, the program will solidify into the new medicare suppliment and be more accepted into society as an acceptable way to spend it before your leave, at least the fun part.