Reverse mortgage volume fell 10.4% during September, but brokers saw production fall less than direct lenders according to data from Reverse Market Insight. Overall volume for retail/direct lenders fell 14.2% while broker endorsements were down only 4.3%.
“One month isn’t going to change the tide of regulation and resulting transformation of some brokers consolidating into direct lenders while others become loan officers at larger institutions,” said John Lunde, President of RMI. “That said, brokers are nothing if not scrappy and we’ll see more than a few stay in the broker/wholesale side as it transitions to TPO.”
MetLife remained the number one wholesale lender with 512 units, followed by Bank of America with 447 units according to data from the Department of Housing and Urban Development. Rounding out the top five was Urban Financial (398 units), Generation (369), and Genworth (298).
Looking at the wholesale data for 2010, not all lenders have seen volume increase. According to RMI, MetLife’s wholesale volume has increased 13.6%, Urban/Reverseit is up by 89.2%, Generation has seen volume increase by 14.2% and Security One is up 81.5% for the year.
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