Lender rankings are front and center in the wake of large lender exits, as monthly industry reverse mortgage volume continues to struggle.
Currently, that ranking includes Urban Financial, Generation Mortgage, Genworth Financial, One Reverse Mortgage and American Advisors group for wholesale and retail combined volume over the past 12 months, with Security one Lending a very close No. 6, a Thursday Reverse Market Insight report shows.
In terms of overall industry volume, however, March saw the lowest reverse mortgage volume “in recent memory.” Down nearly 20% month over month to 4,374 loans, March represents the lowest monthly total since September 2005, RMI reports.
Wholesale channels comprised a greater, “dramatic” decline when compared with retail, with wholesale dropping 26.6% and retail seeing a 12.8% decline. While the wholesale versus retail pendulum has swung in both directions over the last year, retail remains the stronger channel overall at around 55%-60% of total volume.
But volume news aside, lender rankings are a new topic of discussion, with many gearing up to make a play at the top-10, RMI says. Previously, any lender averaging 100-plus loans per month made the ranks. In the first quarter, that number was even lower—65 monthly loans.
View the RMI report.
Written by Elizabeth Ecker