Broker Market Share Falls During November, MetLife Back on Top

Wholesale reverse mortgage endorsements rose 10.4% during November but broker growth slowed as retail business saw significant gains according to data from Reverse Market Insight.

Broker business increased to 2,547 units during the month while retail endorsements came in at 6,551 units, up 34.5% from October.  Overall, combined totals still show that November was a good month for the industry as endorsements were up 24%.

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MetLife regained the number one wholesale lender spot with 644 HECM units, followed by Urban Financial/Reverseit endorsing 427 reverse mortgages.  Bank of America was third with 379 HECM units and Genworth and Generation rounded out the top 5 with 309 and 292 HECM units respectively.

Of all the wholesale lenders, data shows that mortgage bankers are seeing more growth compared to the large bank brands.  According to RMI, Urban, Generation, Security One Lending, and Live Well Financial have all seen their wholesale businesses pick up dramatically this year and are the fastest growing wholesale reverse mortgage lenders.

Chart: Wholesale Retail 2010

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Wholesale Retail 2010

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      • The_Optimist,

        Congratulations to you!!!

        You pegged The_Cynic all right but I guess you are saying look how good I did — too bad for everyone else. Not unusual for so called “optimists.”

      • No need to put words in my mouth. I have a choice when forces that are beyond my control impact the industry and that is to adapt and maintain an optimistic outlook or become a cynic. Being an optimist is much more fulfilling – you should try it sometime, I highly recommend it.

      • The_Optimist,

        When some things are said, there is no need to say the rest. Your response to The_Cynic said it all. You describe the majority of originators as cynical in that response, which is far from the truth.

        I believe the outlook you espouse is best described as Pollyannaish. You are not by yourself, although the ranks are shrinking and will continue to do so throughout 2011 as foreclosures swell.

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