Posts Tagged ‘Security One Lending’
HECM endorsements rose 5% in April, with the increase roughly similar across both retail/direct and TPO/wholesale channels. These aggregate numbers don’t show a significant spread between the channels, but as always there is a lot of movement among individual companies in the rankings.
On page 4 of the report below, we find 4 of the top 6 companies grew YTD volume by 100% or more, showing some benefits from the exit of Wells Fargo and Bank of America last year. Among these winners:
- American Advisors Group, ranked third year to date and for the month of April, up 127% from the first four months of 2011
- Genworth Financial, ranked fourth and up 101%
- FNB Layton, ranked fifth and up 149%
- Security One, ranked sixth in the month and seventh year to date, up 120%
Click the image below to see the full report, including rankings of all HECM originators including TPOs:
If your New Years resolution was to produce more loans in 2012, then you had lots of company along for the ride. January HECM endorsements totaled 5,175 loans, the highest level since September and up 11.6% from last month. On the pessimistic side, Oct-Dec are the only months lower than this total in the past 12, so it’s really a half glass of whatever perspective you’d like to see.
Volume was up all across the nation with the exception of New England dropping -8.8%. Rocky Mountain (28.2%) and Pacific/Hawaii (24.9%) fared particularly well, leading 6 of the 10 regions to double digit percentage growth. Rocky Mountain was also the only region to increase from January 2011, up 1.6% while the industry overall dropped -19.9%.
- Salt Lake City grew 50.7% from last January, powering the Rocky Mountain region totals
- Caribbean, which includes Puerto Rico, grew 26.9%
Among lenders, we saw 6 of the top 8 active lenders increase volume and 4 of those by double digit percentages:
- Security One led the way with a 27.9% increase
- Genworth saw a 26.1% increase
- Both companies posted their highest monthly total on record, although these numbers do include TPO business that wasn’t counted in historical numbers before 2011
- American Advisors (23.4%) and Generation Mortgage (17.2%) rounded out our double digit percentage growers for the month
Active lenders dropped significantly from last year, but that is almost entirely the result of FHA’s move to stop approving brokers which results in those companies not being counted in this total.
Click on the image below for this month’s report.
We’ve known for months that Wells Fargo’s exit would have a major impact on HECM endorsement totals, with the expectation that all else being equal Wells’ huge retail market share would impact that side of the industry more directly.
October gave us reason to doubt that expectation, with the first half of Wells volume decline coinciding with a larger drop in wholesale/TPO volume than retail/direct. November brought us full circle as the second half of Wells volume decline saw wholesale/TPO rise to the challenge of replacing the former market leader.
Total endorsements were virtually unchanged in November, but wholesale/TPO grew 22.7% while Retail/direct dropped -11.8%. This stunning disparity brought wholesale/TPO share of the total market to the highest level in over a year at 42.5%.
From a lender perspective, there was plenty to cheer about on the leaderboard, as all but 2 of the 8 largest active lenders (ex Wells & BofA) showed gains in the month, with One Reverse and Security One being the only decliners. Metlife and Genworth both saw volume rise by triple digits.
November also saw big volume increases for some lenders outside the top 10, as Money House, iReverse and Cherry Creek all saw increases over 100% from October. Be sure to check page 4 to see where your company placed among the top 100 originators in November!
Click the image below to access the full report: