Despite the Federal Housing Administration’s new reverse mortgage product being relatively new, data shows that two lenders are dominating the industry in terms of HECM Saver production by a wide margin.
According to data from the Department of Housing and Urban Development, Wells Fargo and MetLife own almost 70% of the market for the HECM Saver, only two months after its release. From January to February 2011, Wells Fargo leads the industry with 187 HECM (40.83%) Saver endorsements, followed by MetLife with 125 units (27.51%).
The rest of the industry has endorsed 145 HECM Savers total. Another interesting fact is the huge drop off after the top two lenders, who is the third largest HECM Saver lender? PNC Reverse Mortgage will 11 units.