Top HECM Lenders for First Half of Year
Print This Post
Now that the HUD HECM activity reports for June have been released, we thought it would be interesting to do a mid-year review of HECM lenders and lending activity. As we reported in our previous post, HECM growth through the first six months of 2007 has remained strong - 56,436 HECMs were endorsed compared to 40,910 for the January thru June period of 2006 - a a 38% increase.
Growth appears to be fueled largely by new entrants into the reverse mortgage arena. Lenders like Omni Home Financing, M and T Bank, 1ST AAA Reverse Mortgage, and Stay in Home Mortgage who had only limited or no HECM activity a year ago suddenly are major players. To some extent, growth is occurring at the expense of established lenders. Wells Fargo, longtime leader in HECMs, saw its share of the total HECM market drop to 20% from 30% a year ago and 36% in the first half of 2005.
Interestingly, not only did Wells’ percentage share of the HECM market decline, it’s absolute number of HECM reverse mortgages also was down 6% (from 12,278 to 11,513). In addition to Wells, a handful of other Top 25 lenders also saw absolute declines in HECM loan activity: BNY Mortgage, Pacific Reverse Mortgage, Griffin financial and Circle Mortgage.
Following is our tabulation of the Top HECM Lenders through the first half of 2007 based on HUD’s monthly HECM activity reports. As a group, the “Top 25″ accounted for 31,331 HECM loans, or 55.5% of the total 56,436 HECMs endorsed during this period.
| HECM Endorsements Thru June 30 | 2007 | 2006 | 2005 | ||||
|---|---|---|---|---|---|---|---|
| 2007 Rank |
Lender | HECM Loans |
% Mkt |
HECM Loans |
% Mkt | HECM Loans |
% Mkt |
| 1 | WELLS FARGO BANK NA | 11,513 | 20.4% | 12,278 | 30.0% | 7,582 | 36.1% |
| 2 | FINANCIAL FREEDOM SENIOR FUNDI | 6,388 | 11.3% | 4,192 | 10.2% | 1,989 | 9.5% |
| 3 | SEATTLE MORTGAGE COMPANY | 1,613 | 2.9% | 1,455 | 3.6% | 990 | 4.7% |
| 4 | LIBERTY REVERSE MORTGAGE INC | 1,286 | 2.3% | 1,132 | 2.8% | 310 | 1.5% |
| 5 | VERTICAL LEND INC | 1,016 | 1.8% | 240 | 0.6% | 32 | 0.2% |
| 6 | AMERICAN REVERSE MORTGAGE CORP | 938 | 1.7% | 619 | 1.5% | 263 | 1.3% |
| 7 | OMNI HOME FINANCING INC | 736 | 1.3% | 68 | 0.2% | 0.0% | |
| 8 | BNY MORTGAGE COMPANY LLC | 707 | 1.3% | 917 | 2.2% | 608 | 2.9% |
| 9 | ACADEMY MORTGAGE LLC | 657 | 1.2% | 397 | 1.0% | 221 | 1.1% |
| 10 | M AND T BANK | 617 | 1.1% | 0.0% | 0.0% | ||
| 11 | URBAN FINANCIAL GROUP | 615 | 1.1% | 225 | 0.5% | 72 | 0.3% |
| 12 | FIRST MARINER BANK | 535 | 0.9% | 416 | 1.0% | 80 | 0.4% |
| 13 | HOME CENTER MORTGAGE | 516 | 0.9% | 416 | 1.0% | 68 | 0.3% |
| 14 | AMSTON MORTGAGE | 465 | 0.8% | 301 | 0.7% | 188 | 0.9% |
| 15 | PACIFIC REVERSE MORTGAGE INC | 431 | 0.8% | 508 | 1.2% | 493 | 2.3% |
| 16 | 1ST AAA REVERSE MORTGAGE INC | 396 | 0.7% | 0.0% | 0.0% | ||
| 17 | SEMINOLE FUNDING INC | 374 | 0.7% | 179 | 0.4% | 13 | 0.1% |
| 18 | SUN VALLEY FINANCIAL OF UTAH I | 363 | 0.6% | 108 | 0.3% | 24 | 0.1% |
| 19 | AMSTAR MORTGAGE CORPORATION | 346 | 0.6% | 81 | 0.2% | 16 | 0.1% |
| 20 | SENIORS FIRST MORTGAGE COMPANY | 340 | 0.6% | 205 | 0.5% | 139 | 0.7% |
| 21 | NEW HORIZONS REVERSE MORTGAGE | 335 | 0.6% | 270 | 0.7% | 0 | 0.0% |
| 22 | STAY IN HOME MORTGAGE INC | 306 | 0.5% | 0.0% | 0.0% | ||
| 23 | GRIFFIN FINANCIAL MORTGAGE LLC | 291 | 0.5% | 306 | 0.7% | 217 | 1.0% |
| 24 | CIRCLE MORTGAGE CORPORATION | 274 | 0.5% | 339 | 0.8% | 172 | 0.8% |
| 25 | SENIORS EQUITY INCOME INC | 273 | 0.5% | 137 | 0.3% | 98 | 0.5% |
| Total Top 25 | 31,331 | 55.5% | 24,789 | 60.6% | 13,575 | 64.7% | |
| Total All Lenders | 56,436 | 40,910 | 20,989 | ||||
A Few More Related Articles of Interest:
July 5th, 2007 at 9:42 am
[…] Reverse Mortgage Information Filed under UK Mortgages […]