Wholesale reverse mortgage volume dropped 12.6% in February, coming in with a total of 3,890 units according to data from Reverse Market Insight. Generation Mortgage came in at the top spot with 831 units, followed by Bank of America and Urban Financial Group rounding out the top 3.
The data also shows that 92.5% of all retail and wholesale reverse mortgage volume in February came through the top 10 lenders. See the chart below.
February was also a volatile month for lenders combined (wholesale and retail) volume, with 7 out of the top 9 seeing moves up or down of 30% said RM Insight. Wells Fargo and Bank of America saw relatively steady volumes, up 11% and down 12% respectively.
Generation, Urban and Genworth were each up 36-88%, with the remaining lenders seeing declines of 40-47%.
