June 10, 2013
After a long hiatus, HECM Originators is back with the most accurate lender rankings (including both retail and TPO/broker volume) and originator rankings (including TPOs and brokers alongside FHA approved lenders) in the industry.
Last time we published this report, Metlife Bank was still the top lender on a trailing twelve month basis. This month we find Liberty Home Equity Solutions (known on our last report as Genworth Financial Home Equity Access) in the top spot of a much closer race for volume. At September the top lender had 255% more volume of sixth place, whereas that gap has narrowed by April to just 78%.
On a channel basis, Urban Financial is the top ranked lender for TPO/broker business by unit volume, whereas One Reverse is the top retail/direct originator for both the past twelve months (page 3) and the single month of April (page 4). There’s significant competition for the retail title, with 4 lenders averaging 439-466 retail loans per month year to date.
Find your company in the trailing twelve month rankings (page 3) or April rankings (page 4) by clicking the image below to access the report.
June 3, 2013
HECM endorsements were down 7.2% in May to 5,352 loans and continuing a modest trend of weakness since the recent peak in March. Year to date volume is up 12.4%, while competition as measured by active lenders is up 3.0%
With the 4/1 moratorium on new applications for HECM standard fixed rate products, one of the popular topics of conversation in the industry was what the product mix would look like after the change. With two months of applications under our belts it appears that the immediate shift to ~95% ARMs from 70-75% fixed rates previously has held firm and will be with us for the foreseeable future.
Relative to fixed rate products, the lower initial balance applied in many cases to a lower sales premium on ARM loans is already and will continue to create a reduction in average revenue per loan. Whether that leads to origination and servicing fees returning to our industry is yet to be determined, but clearly something has to give.
If you’re looking for ways to sharpen your lead generation and sales conversion focus, give us a call. Worst case is we spend 15 minutes sharing some ideas with you, but best case is we arm you with the information to thrive in a challenging period for your company.
Please click the image below for lender rankings and more in the full report.
May 1, 2013
After a big improvement last month, HECM endorsements declined slightly in April to finish at 5,770 loans, down -1.2% from March. That figure was still good enough for 2nd highest in the past 12 months, behind only last month.
Regional volumes were mostly down, with 6 of the 10 regions declining.
- The top 2 regions, Southeast/Caribbean and Pacific/Hawaii both increased, each turning in their highest performance of the past 12 months.
- Rocky Mountain and New England also increased, with the former also setting a 12 month high and the latter just missing.
- Midwest declined the most, dropping -17.1% from March. Don’t let that fool you though, this region is up the most year to date at 20.9%.
Among lenders, there continues to be a shakeup as Metlife and FNB Layton are slowly working their way out of the top 10.
- Liberty retains its number one title for the trailing 12 months but Security One is close behind and took the top spot for April’s single month volume
- One Reverse continues its steady ascent up the charts with its first month above 500 loans endorsed
- As Metlife and FNB Layton drop off, it looks as though Sun West, Maverick and Associated Mortgage Bankers are in a three way race to jump into the top 10.
HECM Originators and HECM Trends are expected back shortly, hopefully this month. Cross your fingers that doesn’t fall to the sequestration ax!
Please click the image below for the full report.
