Wholesale reverse mortgage volume came in at 4,326 units in December, up 10% compared to November. Bank of America took over the top spot in December with 963 units followed by MetLife (930 units) and Urban Financial/Reverseit (550 units).
Overall wholesale volume for 2009 was 58,935, down 7% from 2008. The top wholesale lender for 2009 was a bit of a surprise.
Despite seeing its volume drop 45% from last year, Financial Freedom still managed to bring in 10,230 units and remain the the top wholesale lender of 2009.
Coming in behind Financial Freedom by only 100 loans was MetLife with 10,130 units. With 67% of its production coming in from its fixed rate product, MetLife’s wholesale production was up 215% from 2008.
Of all the wholesale lenders, Reverseit experienced the most growth with 3,609 units. The Tulsa, OK based lender’s wholesale business grew 241% in 2009. Below is the list of the top 10 wholesale reverse mortgage lenders of 2009.
|Sponsor Name||2009||% Change|
|3||Bank of America||8,593||-1%|
|7||Urban Financial / Reverseit||3,609||241%|
|8||World Alliance Financial||3,268||-41%|