Items Tagged with 'wholesale'

ARTICLES

  • Home Point Financial acquires Platinum Mortgage’s wholesale division

    Growth continues for Home Point
    The last few years have been a period of growth for Home Point Financial. It began back in early 2015, when Home Point announced the acquisition of Maverick Funding, with Maverick’s business becoming Home Point’s initial mortgage banking platform. And it appears Home Point has no plans to slow down.
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  • RMS Ramps Up Origination Channel

    Now in its fifth year of operation, Reverse Mortgage Solutions Inc. (RMS) has ramped up its origination channel, representing the final piece to its full-service reverse mortgage infrastructure, which includes technology, loan servicing, REO asset management and Ginnie Mae HMBS secondary market securitization. The company has named two regional directors to begin developing a premium set of lending partners who will originate loans across-the-board in all channels of reverse mortgages, according to Robert D. Yeary, chairman and chief executive officer, RMS. “As I like to say, we’ve built the company ‘in reverse’, from the back-end forward to ensure that
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  • Wholesale Endorsements Bounce Back

    Following two months of retail HECM endorsements growing at a higher clip than wholesale, the Wholesale Leaders report, with data through January, 2011 from Reverse Market Insight (RMI), reveals a bounce for wholesale in month-over-month trending. Wholesale volume in January, at 2,413 units, increased by 9.3 percent over December, while retail decreased by 6.8 percent at 4,049 units.  Accordingly, market share for the wholesale channel also increased from 33.7 percent to 37.3 percent.  Total volume from both channels totaled 6,462 a drop of 1.3 percent from December. However, when looking at this January compared to the previous January is
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  • Wells Fargo Quietly Exits RM Wholesale

    Wells Fargo announced plans to cease offering reverse mortgages through their wholesale channel after March 18, 2011.  The move comes as little surprise considering Wells Fargo has made very little effort to sustain any meaningful reverse mortgage wholesale production. Considered the retail behemoth with retail production more than double the next closest competitor, Wells Fargo's wholesale endorsements were about 6.9% of total production for 2010.  It is believed that Wells Fargo had maintained a limited number of approved wholesale clients for reverse mortgages and the offering was not considered key to their production.     According to data from
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  • BofA to Bow Out of Reverse Mortgages

    According to several sources contacted by the Reverse Review, Bank of America (BofA) is preparing to officially announce their plans to close their reverse mortgage divisions in all channels: retail, correspondent and wholesale. Although BofA has yet to release an official statement and has not responded to requests for comment, several industry insiders have confirmed that they announced their plans to employees and select partners today. Last year, BofA closed their wholesale channel for forward mortgages, but at the time, announced an on-going commitment to the reverse channels. Few details are currently available, and this report has yet to
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