MortgageReverse

March HECM Wholesale Drags, Non-FHA Approved Third-Party Originations Surge

Wholesale HECM endorsements fell slightly in March, with third-party originations by non-FHA originators gaining steam, according to a recent report from Reverse Market Insight. While wholesale saw a 0.7% drop, retail endorsements gained 10.8% during the month.

RMI has tracked the declining number of originators in the industry for some time, but the TPO originations by non-FHA approved originators (working through an approved sponsor) have the potential to offset that trend, RMI says, showing “dramatic” growth in March. (See a RMI’s chart tracking TPO performance.)

NewImage

For wholesale leaders, four of the top 10 lenders saw 12-month highs in March as the industry set its own high water mark, RMI reports. Of those lenders, Wells Fargo was responsible for 31.9% of all loans through retail and wholesale channels, which is above the lender’s 12-month share average of 26.4%. Other lenders noted by RMI were Generation, nearing 10% of market share; One Reverse, which has been growing its direct lending business and shows 5% market share; and Sun West, which is back in the top 10 for the first time since November.

RMI notes that non-FHA approved TPO originators cannot yet be tracked individually, but expects the data will be available within a few months.

View the Reverse Market Insight report.

Written by Elizabeth Ecker

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please