Top Reverse Mortgage Lenders Through August 2009

Overall reverse mortgage industry volume fell 9% from July, coming in at 8,933 units for the month, and bringing the YTD volume to 77,657 says Reverse Market Insight. Below is a list of the top HECM lenders through August 2009 and be sure to take a look at the commentary and link below which goes into more detail.

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  • Of the top 10 lenders, only Financial Freedom saw growth in endorsement volume from the prior month. We’d opine that this is in part due to catch-up at HUD from the ownership/name change, and their recent introduction of a 5.56 fixed rate HECM.
  • 2,784 lenders have had a loan endorsed in 2009, up 11.6% from last year. This growth comes despite the drop in endorsement volume of 0.5%.
  • Regionally, New York/New Jersey is a middle-sized market seeing strong growth right now, up 27.1% from 2008 levels.  Other areas seeing growth include the Southwest, Northwest, and Rocky Mountain regions.  Especially impressive about NY/NJ: 27.1% endorsement growth vs 15.0% growth in active lenders.
  • Wells Fargo remains the #1 retail lender in all regions of the country. Bank of America has taken over #2 in six out of the 10 HUD regions.

August 2009 MIC Summary Report

Market statistics and report sample provided by Reverse Market Insight, the leading source of market intelligence in the reverse mortgage industry. For more information about RMI and to purchase the full MIC report with additional key performance indicators and market statistics, please visit our website at www.rminsight.net

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  • Submitted loan to Generation last Thursday and closed it this morning at 11am. They are the best. I only went with FF because of the 5.56 fixed, but I won't offer their products anymore. It's just to hard to get the loan in the first place.

  • I submitted a loan application to Bank of America u/w in the afternoon and received the approval by 11:00 the next morning. My guess is that other RM lenders will see a reduction of their Fixed mortgage submissions as BofA ramps up their Fixed program. BofA has an outstanding backoffice organization.

  • Generation and B of A are the only way to go if you
    want to survive in this market. Both are outstanding.
    To bad Generation does not have the 5.56. These seem
    to be the only companies that have quality management,
    from AE's to Funders.

  • Submitted loan to Generation last Thursday and closed it this morning at 11am. They are the best. I only went with FF because of the 5.56 fixed, but I won’t offer their products anymore. It’s just to hard to get the loan in the first place.

  • I submitted a loan application to Bank of America u/w in the afternoon and received the approval by 11:00 the next morning. My guess is that other RM lenders will see a reduction of their Fixed mortgage submissions as BofA ramps up their Fixed program. BofA has an outstanding backoffice organization.

  • Generation and B of A are the only way to go if yournwant to survive in this market. Both are outstanding.rnTo bad Generation does not have the 5.56. These seemrnto be the only companies that have quality management,rnfrom AE’s to Funders.

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