How will monthly reverse mortgage rankings fare in the “brave new world” that remains without Bank of America and Wells Fargo? Reverse Market Insight reported Tuesday on the final wholesale and retail/TPO/broker loan counts and aimed to answer that question.
With overall endorsements down 1.8% from November, the entire decline can be attributed to the TPO/wholesale originators. In order to get a sense of what the future will hold, however, it’s important to examine application data, RMI says.
“Case numbers issued (we use this interchangeably with applications) dipped in December to the lowest level since January 2010, but if we exclude the impact of Wells/BofA/FF it tells a different story,” RMI writes. “December’s total is right between May and June figures for surviving lenders, raising the question whether higher volumes from Aug-Nov were just the result of applications shifting from the exiting lenders in a one time surge.”
December’s application numbers present some cause for concern, RMI says, but there are many companies bucking the trend of a down market. Urban Financial has risen to the No. 1 spot for wholesale, while MetLife, One Reverse and American Advisors group hold the ranks for the top three retailers when excluding Bank of America and Wells Fargo.
View the RMI report.
Written by Elizabeth Ecker