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.
HECM volumes took it on the chin in September, dropping -10.6% from August. Retail (-11.1%) and Wholesale (-9.9%) fell by similar percentages, with the drop of First National Bank of Layton from Retail due to their previously announced exit likely made the difference between the two.
Continuing the trend of companies capitalizing on lender exits, Proficio jumped from 1 unit last month to a striking 53 in September, good enough for a 9th place ranking for the month (see page 4 of the report below). Several other companies also saw big increases:
- Associated Mortgage Bankers has been coming on strong all year, growing 214% year to date. Their 12% growth this month is lower than months past, but good enough to join the top 10 in the number 8 slot.
- Nationwide Equities continues to grow retail 60+% this month and year to date. They’re growing wholesale too and rank 25th on a combined basis over the past 12 months
Find your company in the trailing twelve month rankings (page 3) or August rankings (page 4) by clicking the image below to access the report.
August HECM endorsements bounced back up 7.1% from what we now know was only the first exceedingly low volume month in Q3. We also see that the bounce was entirely in the Retail/direct channel of the business, whereas Wholesale/TPO business was essentially flat from July to August.
Looking back to last August, it’s clear that the exit of major brands like Wells Fargo, Bank of America and Metlife is having an impact on the channel mix of the industry. August makes a particularly opportune moment to look back at the channel mix, as August 2011 was the last month with a full share from Wells Fargo’s retail presence.
As you can see from the chart above, Retail/direct endorsement volume is down -35% in the past 12 months, whereas Wholesale/TPO volume is down just -19%. Nothing to be proud of in either case, but there’s no doubt which result hurts less.
Among lenders gaining from the shifting tides, these companies are heading to San Antonio next week with celebration in mind. All rankings below can be found on page 4 of the report linked below.
Top 10 (excluding wholesale):
- American Advisors Group took the top originator title for August after more than doubling from July and is up 107% year to date
- Genworth popped 37% from last month and 146% YTD
- Security One grew 44% in August and 129% from last year
- iReverse grew 89% for the month and 5% from Jan-Aug 2011
Up and coming:
- Cherry Creek was down slightly on the month (-8%) but up 307% from last year
- GMFS was up 49% last month and 145% YTD
- Maverick Funding grew 55% in August to 51 loans, after not having a single loan in the first 8 months of last year
Find your company in the trailing twelve month rankings (page 3) or August rankings (page 4) by clicking the image below to access the report.
