There has been very little wholesale reporting in the reverse mortgage industry to date, but we’re doing our part to correct that situation with our new Wholesale Leaders report. If you’d like to see a monthly report that shows who the largest lenders really are when you add both Retail and Wholesale together, here’s your answer.
A few highlights:
- The first observation is found at the top of page 2 – Financial Freedom is still number 1, but followed closely by Bank of America, Wells Fargo and JB Nutter. Considering the staffing cuts at Financial Freedom from new ownership, and pullbacks by JB Nutter in wholesale, it looks likely that reverse will be dominated this year by two of the largest banks in the country.
- One Reverse Mortgage (QuickenLoans) is the Cinderella in retail, growing very fast after a brief post-acquisition pause. They’re almost entirely retail now after starting out as a more balanced retail/wholesale shop and had the third largest jump in loan volume, behind only Bank of America and World Alliance who were both starting from a much larger base.
- Urban Financial is now 9th in wholesale and 5th in retail, for an overall ranking of 8th. They’re one of only two top 10 lenders with over 100% growth in the past twelve months, and they did it without the hefty acquisitions that powered BofA – Impressive.
- Wholesalers are proving there’s more than one way to skin a cat – or at least get reverse mortgage volume anyway. Financial Freedom did business with almost 1,600 brokers but captured just 39% of their business, whereas JB Nutter serviced 680 brokers and received 51% of their loans. There’s an amazing diversity of results on just this one metric for the wholesale business – check it out on page 2 at bottom left
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Contact us at today for a free evaluation and sample Wholesale Activity Report at (949) 281-6470.
As always, let us know if you have any questions or comments.
And look out for March Retail Leaders later this week…