While overall reverse mortgage was down slightly in April, the latest lender rankings from Reverse Market Insight show some lenders are making larger gains than others as Wells Fargo and MetLife volume continues trail off the books in the wake of their departures from the business.
Contending for the No. 1 spot is now Urban Financial, which closed a total of 7,869 reverse mortgages in the last 12 months, representing 13% market share. Generation Mortgage and Genworth Financial hold the next spots for volume with 6,062 and 5,411 loans, respectively.
In terms of growth, Urban is well positioned, says John Lunde, RMI president.
“Generation grew wholesale faster than Urban, but Urban has a pretty sizable lead there to overcome,” he says.
Former MetLife personnel will continue to be a factor in shaping the future course of the main competitors in the market, however, with Security one having recently hired a team of wholesale professionals from MetLife.
Another “one to watch” is American Advisors group, which has shown the strongest retail/direct growth over the past 12 months.
Retail originations declined 1% during the month while wholesale lost a higher proportion at 7%. Recently, wholesale volume has comprised a greater percentage of reverse mortgage volume with many companies having launched new wholesale channels. The eventual destinations of MetLife team members will be a strong factor in the retail vs. wholesale split in the coming months, Lunde says.
Written by Elizabeth Ecker