In our HECM Lenders report about July’s volumes, we noted that Metlife’s exit seemed to work through the endorsement numbers faster than Wells and BofA last year. The new information to report here is that both Wholesale/brokered and Retail/direct endorsements were down strongly(-27.8% and -24%, respectively), even though brokers would seem more likely to maintain their business volumes than retail loan officers.
Of course, looking at the last several months shows that Wholesale/brokered volumes also had a much bigger jump in June. So the channel is actually still running significantly ahead of Retail/direct, down just 11% from the average of Apr/May vs. 18% for Retail.
Among lenders, Generation Mortgage was the sole company in the top 10 showing any notable increase in volume from June to July, up 17.4%. (top of page 2)
And looking at all endorsements based on origination company for July on page 4 (company taking application gets credit even if not FHA approved), we don’t expect much impact to register yet from Metlife’s exit given that May applications would normally show up in August endorsements.
One notable rise we’ve commented on before is Greenlight Financial, which tied New Day Financial for 11th place in the Originator rankings this month after entering the industry just last year. Always good to see veterans of the industry doing well in a new place (congrats to Dave and Brett!) – a re-occuring theme in these days of lender exits and consolidations.
Click the image below to access the report.