Wholesale reverse mortgage volume fell 21.9% from February, coming at 3,038 units during March said the latest report from Reverse Market Insight. Retail products was down 10.9% from February.
Large lenders continue to dominate the industry, controlling 88.3% of March volume. This is slightly off from last month’s figure of 92.4%, but still above trend for the past 12 months said RMI.
After entering an agreement with Knight Capital to be acquired earlier this year, Urban Financial/Reverseit’s wholesale business continues to thrive. According to data form the US Department of Housing and Urban Development, the Tulsa, OK based reverse mortgage lender was the top wholesaler during March with 615 units.
Bank of America was second with 505 units, followed by MetLife (497 units), Generation (350 units), and Financial Freedom (275 units) to round out the top five.
