Four of the top six reverse mortgage lenders have grown year-to-date volume by 100% or more, with some seeing a near 150% increase in volume this year.
These “winners,” according to a Tuesday Reverse Market Insight report, include American Advisors Group, Genworth Financial, First National Bank of Layton and Security One Lending.
They are showing some benefits now from the exits of Wells Fargo and Bank of America last year, RMI writes, with Home Equity Conversion Mortgage (HECM) endorsements rising 5% in April with the increase about the same between the wholesale and retail dichotomy.
“These aggregate numbers don’t show a significant spread between the channels, but as always there is a lot of movement among individual companies in the rankings,” writes RMI.
For American Advisors Group, the increase was 127% in April from the first four months of 2011. For Genworth, the increase was 101%; FNB Layton saw 149% growth year-over-year and Security One picked up 120%.
While many have gained market share in light of the big bank exits, there is likely to be even more to gain as lenders see volume resulting from the MetLife exit in April.
“They still have plenty of room in front of them from the Metlife exit,” says John Lunde, RMI co-founder and president.
View the RMI report and lender rankings.
Written by Elizabeth Ecker