REVERSE MORTGAGE INFORMATION: Tools, News and Resources to Help Seniors Decide

HECM Lender Comparison 10/31/2007 vs 10/31/2006

Written by admin on Wednesday, November 7th, 2007 in HECM.

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In a prior post we examined evolution of the HECM market over the past two years (ended 10/31/06 and 10/31/07) focusing on the geographic location of HUD home equity conversion mortgage endorsements. The table below examines the evolution of lenders’ HECM market shares and growth over the same time frame.

Some observations:

  • Market share among the “top 50″ lenders has shrunk from 73.2% to 63.1%. Most of this shrinkage is explained by the drop in market share experienced by Wells Fargo (rom 30% to 21%).
  • Seven of this year’s Top 10 lenders were also in the Top 10 one year ago. Three new members of the Top 10 (Vertical Lend, Omni home Financing, and Urban Financial all had HECM activity growth in excess of 100% during this period.
  • BNY Mortgage saw HECM activity fall 22.7% and its Top 10 ranking go from #5 to #8 despite being the originator of the HECM 100 which was very popular earlier this year.

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    HECM Reverse Mortgage Lending Highly Concentrated

    Written by admin on Tuesday, August 22nd, 2006 in HECM DB, HECM Research Statistics, Reverse Mortage, Reverse Mortgage Summary Charts.

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    Five lenders have accounted for nearly one-half of the total HECM loans endorsed through the first seven months of 2006. Wells Fargo Bank is by far the largest HECM lender accounting for over 30% of the 47,258 endorsed loans.

    The number of HECM loans endorsed through July represents a stunning 96% increase over the number of loans endorsed during the same period in 2005 (24,128). A list of the top 100 HECM originators through July 2006 follows:

    Top Home Equity Conversion Mortgage Lenders for Current Year
    Rank Lender Endorsed Loans
    1 WELLS FARGO BANK NA 14578
    2 FINANCIAL FREEDOM SENIOR FUNDI 4533
    3 SEATTLE MORTGAGE COMPANY 1863
    4 LIBERTY REVERSE MORTGAGE INC 1238
    5 BNY MORTGAGE COMPANY LLC 1035
    6 AMERICAN REVERSE MORTGAGE CORP 818
    7 HOME CENTER MORTGAGE 581
    8 PACIFIC REVERSE MORTGAGE INC 566
    9 LIBERTYSTREET FINANCIAL GROUP 519
    10 ACADEMY MORTGAGE LLC 517
    11 FIRST MARINER BANK 492
    12 CIRCLE MORTGAGE CORPORATION 385
    13 REVERSE MORTGAGES OF CA IN 361
    14 NEW HORIZONS REVERSE MORTGAGE 360
    15 MERIT FINANCIAL INC 346
    16 GRIFFIN FINANCIAL MORTGAGE LLC 327
    17 AMSTON MORTGAGE 323
    18 AAA REVERSE MORTGAGE OF TEXAS 281
    19 SUN AMERICAN MORTGAGE CO 277
    20 CALIFORNIA REVERSE MORTGAGE CO 273
    21 VERTICAL LEND INC 265
    22 URBAN FINANCIAL GROUP 258
    23 SENIOR FUNDING ASSOCIATES 251
    24 SENIOR FREEDOM CORP 237
    25 CARTERET MORTGAGE CORPORATION 235
    26 U.S. FINANCIAL MORTGAGE CORPOR 234
    27 AMERICAN MORTGAGE PROFESSIONAL 234
    28 WWMF INC 231
    29 M AND T MORTGAGE CORPORATION 229
    30 SEMINOLE FUNDING INC 214
    31 SENIORS FIRST MORTGAGE COMPANY 209
    32 FIFTH THIRD BANK 207
    33 LOAN LINK FINANCIAL SERVICES 203
    34 WEBSTER BANK 202
    35 MOUNTAIN PACIFIC MORTGAGE CO 198
    36 GATEWAY FUNDING DIVERSIFIED MT 181
    37 REVERSE MORTGAGE LENDING INC 170
    38 ALLIED HOME MORTGAGE CAPITAL C 154
    39 HOMESTAR MORTGAGE INC 154
    40 UNIVERSAL LENDING CORPORATION 148
    41 SENIORS EQUITY INCOME INC 145
    42 AMERICAN SENIOR FUNDING CORPOR 142
    43 CLARION MORTGAGE CAPITAL INC 141
    44 SENIORS REVERSE MORTGAGE 138
    45 WSB MORTGAGE SERVICES INC 137
    46 FARWEST MORTGAGE BANKERS INC 132
    47 FIRST FINANCIAL MORTGAGE CORP 127
    48 SAFEWAY MORTGAGE INC 127
    49 INDYMAC BANK FSB 124
    50 GSF MORTGAGE CORPORATION 123
    51 SUN VALLEY FINANCIAL OF UTAH I 118
    52 EVERBANK 118
    53 CONTINENTAL FUNDING CORP 118
    54 FAST TRACK FUNDING CORP 116
    55 VALUE FINANCIAL MORTGAGE SERVI 116
    56 ADVENT MORTGAGE CO INC 112
    57 CALIFORNIA FUNDING CORP 108
    58 HURST FINANCIAL CORP 106
    59 TRANSLAND FINANCIAL SERVICES I 106
    60 NETWORK FUNDING LP 104
    61 FIRST MAGNUS FINANCIAL CORP 104
    62 RBC CENTURA BANK 104
    63 CARROLLTON MORTGAGE CO 102
    64 RESIDENTIAL LOAN CENTERS OF AM 102
    65 SCME MORTGAGE BANKERS INC 96
    66 GMAC MORTGAGE CORPORATION 95
    67 FIRST ALLIANCE MORTGAGE CO 95
    68 ACCESS REVERSE MORTGAGE CORPOR 93
    69 AMERICA’S MORTGAGE BROKER LLC 92
    70 AMSTAR MORTGAGE CORPORATION 91
    71 HARVARD HOME MORTGAGE INC 90
    72 AGENCY FOR CONSUMER EQUITY MOR 89
    73 FIRST MIDWEST BANK 88
    74 AIG FEDERAL SAVINGS BANK 88
    75 OMNI HOME FINANCING INC 86
    76 NETWORK SOURCE FUNDING INC 86
    77 TRAVIS MORTGAGE LLC 85
    78 FEDERAL MORTGAGE AND INVESTMEN 84
    79 MONTGOMERY MORTGAGE INC 80
    80 RELIANCE MORTGAGE CO 80
    81 FIRST NATIONS HOME FINANCE COR 80
    82 FIRST CALIFORNIA FUNDING GROUP 80
    83 ALL AMERICA REVERSE MORTGAGE L 79
    84 E-LOANSTOGO.COM 78
    85 SIDUS FINANCIAL LLC 77
    86 SEQUOIA MORTGAGE CAPITAL INC 75
    87 UNITED PACIFIC MORTGAGE 75
    88 OCEANFIRST BANK 74
    89 THIRD COMMUNITY MORTGAGE CORP 73
    90 SENIOR AMERICAN FUNDING INC 73
    91 SENIOR FINANCE CENTER 72
    92 EMPIRE EQUITY GROUP INC 72
    93 FAIRWAY MORTGAGE INC 71
    94 COMMUNITY HOME EQU CONV CORP 70
    95 CAMPBELL FINANCIAL SERVICES 70
    96 CAMBRIDGE HOME CAPITAL LLC 69
    97 CARDINAL FINANCIAL COMPANY 68
    98 ARGENT FINANCIAL INC 65
    99 AMERICAN PACIFIC MORTGAGE 65
    100 CENTURION MORTGAGE CORPORATION 65