AAG and MetLife Double Reverse Mortgage Retail Volume, Wholesale Gap Widens

Some lenders have seen huge gains this year in their retail endorsement volume, reports Reverse Market Insight’s HECM Originators report, with American Advisors Group growing 115.1% and MetLife up 90.1% so far.

However, while total endorsement growth in the reverse mortgage industry was up 5.3% in August, according to the report, there’s a widening disparity between retail and wholesale channels.

In previous reports, RMI pointed out the “relatively narrow performance gap” between retail and wholesale volumes, but they have diverged significantly, with retail up 10.5%, and wholesale shrinking 2.8%. This is the largest gap since February, says RMI, although it’s not sure what’s causing the change, or if it will continue.

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Source: Reverse Market Insight, HECM Originators Report 2011

In addition to AAG’s and MetLife’s retail contributions, One Reverse, Generation Mortgage and Genworth Financial have all grown 20% or more so far this year, while Security One wholesale has increased 38.8%, with Urban up 6.5%. First National Bank of Layton has been busy, too, RMI notes, steadily climbing the ranks to 9th place in August, with a year-to-date growth of 525.7%.

Click here to view the HECM Originators report.

Written by Alyssa Gerace

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  • With its recent addition of originators from Wells, one would expect to see MetLife Bank grow still more.  The trouble is not with how the share of the total industry endorsement pie is being redistributed but rather the shrinking of that pie as a whole.

    Anyone who believes that total industry endorsements will be up significantly this fiscal year over last is looking for a rude awakening.  Some of us not only expect there to be a further tumble this fiscal year but one which could be at least 20% for Standards despite some increase in Savers (but not much).

    If a lender is not reaching out for an increase in endorsements this fiscal year over last, that lender should be asking itself if it needs to leave the industry like Wells and Bank of America. No individual lender should be looking for lower endorsements of Standards this fiscal year.  As to individual lenders it is not so clear how soon the opportunities for growth which are now available will return in the future.  “Make hay while the sun shines.”

  • Make hay while the sun shines – because once the new limits hit, and real estate prices still keep going down – less and less senior home owners will qualify!

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