Broker business continues to lag behind direct retail lenders business according to the latest data from Reverse Market Insight. During August, overall reverse mortgage volume was up 13%, with retail up 18% (3,969 units) and broker business up just 6% (2,672 units).
Retail direct lenders volume surpassed reverse mortgage broker business in May and hasn’t looked back since. The change shouldn’t come as a huge surprise considering many of the larger brokers are merging with mortgage bankers.
Wells Fargo remains the largest lender, endorsing 2,000 loans for the first time since April 2009.
“While that might be small comfort to anyone whose compensation isn’t tied to Wells Fargo’s performance this year, our industry can benefit from the success of large, visible brands as we’ve seen time and again over the years,” said John Lunde, President of RMI in the report.
During August, the top 10 lenders saw a broader recovery, with 7 of the top 10 seeing volume according to RMI.
For wholesale, MetLife remained number one with 567 units, followed by Genworth with 444 units according to data from the Department of Housing and Urban Development.
Rounding out the top five is Bank of America (428 units), Generation (285), and Urban Financial (282).
To view the full report, click here.