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%.
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.
To view the full report, see here.