MortgageReverse

Reverse Mortgage Volume Increases 24% in October

Reverse mortgage volume was up 24% in October, coming in at 6,559 units according to data from Reverse Market Insight.

Overall origination volume for 2010 is still down 36% from 2009, but a bit better from the 38% from last month.

Wells Fargo remained the top reverse mortgage lender in November, endorsing 1,783 reverse mortgages, up from 1,075 units in October.  No. 2 MetLife increased retail HECM originations to 579 from October’s 302.  Rounding out the top 5 reverse mortgage lenders was Bank of America with 550 units, One Reverse Mortgage (338 units) and Generation (131 units).

According to RMI, the number of active lenders increased by 14 but the number of new lenders originating reverse mortgages continues to fall and helped increase the number of endorsements per lender.

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To view a list of the top lenders, see the full report here.

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