The Street is reporting that Wells Fargo, Bank of America, and MetLife account for 52% of the reverse mortgage volume in the industry.
According to Reverse Market Insight, the top 10 lenders make up 89% of the market.

Two Baptist Ministers are engaged in a financial dispute with Wells Fargo after they took out a reverse mortgage to help a 86-year-old Sallie Woods live comfortably in her final days says the Hour.
“I don’t have a personal stake in this,” said Reverend Dr. Jeffrey Ingraham. “My intent was to get Ms. Woods into [...]

Only a few weeks after releasing a no origination and servicing fee fixed rate reverse mortgage product, MetLife announced to wholesale partners it’s lowering margins for adjustable rate HECM products.
Previously the company offered margins ranging from LIBOR 250 to LIBOR 325 for its adjustable rate reverse mortgage products, but is now lowering margins to LIBOR [...]

As lenders continue to aggressively compete for reverse mortgage business, Wells Fargo quietly started offering an adjustable rate HECM product without an origination and service fee set aside.
While there hasn’t been an official announcement, a Wells Fargo spokesperson confirmed with RMD the company recently released the product.

Prudential Homesale Services Group announced it has formed a joint venture with Wells Fargo Home mortgage to originate, process, and fund mortgage loans for Prudential Homesale customers.
The joint venture, HomeSale Lending, LLC, is co-owned by Wells Fargo Home Mortgage and Prudential Homesale Services Group.

After stepping down from his position as the head of Wells Fargo’s reverse mortgage business, Jeff Taylor announced that he was joining Reverse Market Insight as Chairman to help expand the companies consulting business.
With HUD’s decision to reduce the principal limits for its FHA insured reverse mortgage product, Taylor is confident there is growth [...]

While Jeff Taylor technically retired from his position as the head of Wells Fargo’s reverse mortgage business a few weeks ago, retirement is officially over.  Last week, Taylor joined Reverse Market Insight as its Chairman to help expand the companies consulting business.
“Jeff’s decision to join as Chairman adds decades of irreplaceable experience and [...]