Aliso Viejo, CA (PRWEB) October 21, 2008
In the most recent edition of the ReverseIQ newsletter, Reverse Market Insight has released the first comprehensive top HECM lenders rankings for January to August 2008, including both retail and wholesale volumes. These top lenders have reached the pinnacle of an important and growing niche of the financial services industry, collectively representing over 82% of the total HECM volume in the measurement period.
The rankings also indicate a dramatic tilt toward established companies, as the average time in industry for the group is just under 8 years. The top three lenders (Financial Freedom, Wells Fargo and James B Nutter) have all been originating reverse mortgages for over 10 years, an achievement shared with predecessor companies of MetLife Bank. Even the newest entrant to the list, Bank of America, has considerable experience as they acquired the reverse mortgage business of Seattle Mortgage, a historically strong reverse mortgage originator.
The recent influx of large financial institutions into this growing industry is clear to see, as 8 of the 10 lenders are now affiliated with large financial services organizations. While reverse mortgages have been substantially less affected by the credit markets meltdown given their different risk profile focused on home values rather than borrower credit and payments, it stands to reason that this may also be due in part to the interests of large financial institutions in the space and stability that has lent in uncertain times.
RMI's complete analysis of this and other important topics is available through a free subscription to RMI's ReverseIQ newsletter, with registration available on their website at http://www.rminsight.net.
About RMI -- Reports, KPIs (key performance indicators) and Metrics are useless unless they are rooted in a solid understanding of your business. RMI's unmatched experience with and exclusive focus upon the reverse mortgage industry allows for trusted solutions to your most difficult problems. Providing the complementary services of Market Intelligence, Business Intelligence, and Reverse Mortgage Consulting, RMI offers unique expertise and unparalleled excellence in strategic decision making for the reverse mortgage industry.