Reverse Market Insight recently published its ReverseIQ Newsletter which included a list of the top wholesale reverse mortgage lenders through July 2008. The numbers might surprise you a bit, so check out the list below.
When I saw the numbers I was surprised by 2 things.
- Financial Freedom – I didn’t realize how much they dominated the wholesale business a year ago. Yet even after losing almost 50% of its volume compared to last year, they’re still #1. That’s impressive with everything that IndyMac has gone through.
- JB Nutter – I didn’t expect them to be #2. Of all the wholesale lenders, they tend to keep a pretty low profile compared to most and it seems to be working. For example, take a look at their website and you won’t see anything about offering wholesale.
Overall I think it will be an interesting year for wholesale lenders since everyone is offering pretty much the same products. The days of proprietary products seem to be gone for a while, so wholesalers will all be competing for HECM business.
Luckily, even with proprietary products gone, there should be plenty of new business out there with the new loan limits and other aspects of HERA becoming active in the near future… the million dollar question is, what do they need to do to get it and pick up market share?
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