Generation Mortgage’s Wholesale Business Sees Growth in 2009

image 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.

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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?

February Wholesale Leaders

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  • 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.

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