Last month saw an up tick in the number of federally insured reverse mortgages originated. The title of second-biggest reverse retail lender changed hands, while No. 1 saw monthly business leap by two thirds.
The total volume of home-equity conversion mortgages from all lenders climbed to 6,559 loans during November from 5,279 the month before, according to data reported by Reverse Market Insight.
But business was worse than 7,738 HECMs funded in November 2009.
During the first 11 months of 2010, HECM production was 66,194.
Last month’s biggest retail originator of reverse mortgages was, again, Wells Fargo Bank, N.A., where volume rose to 1,783 from October’s 1,075.
MetLife Bank grabbed the No. 2 spot from Bank of America, N.A., with MetLife originating 579 HECMs, versus 302 in October. BofA fell to 550 units from 636.
No. 4 One Reverse Mortgage LLC saw activity rise to 338 mortgages during November from 299, and fifth was Generation Mortgage Co., with production edging up to 131 from 115.
The number of active HECM lenders has fallen to 2,168 from 3,055 last year.
