Wholesale reverse mortgage volume fell 7.4% from March, coming at 2,813 units during April according to the latest report from Reverse Market Insight. Retail production also fell 3.3% from March.
Large reverse mortgage lenders continue to dominate the industry, controlling 88.9% of April’s volume.
Urban Financial was the top wholesale reverse mortgage lender for the second month in a row according to data form the US Department of Housing and Urban Development. The Tulsa, OK based lender came in with 586 units, followed by MetlIfe with 530 loans.
Bank of America (418 units), Generation (336 units), and Financial Freedom (247 units) rounded out the top 5 wholesalers during April.