With overall wholesale reverse mortgage volumes down by six percent as recently reported by Reverse Market Insight, the wholesale division at Generation Mortgage Company experienced an increase as the company closed 182 percent more Home Equity Conversion Mortgages (HECM) in 2009 than in 2008, making the company the fifth largest reverse mortgage wholesale lender in the country.
“There is no question that 2009 was a tumultuous year for everyone--particularly the mortgage industry- however, our wholesale division had another banner year,” said Scott Peters, CEO and president, Generation Mortgage Company. “We’re hiring staff and investing in our infrastructure to accommodate increased production in 2010 while keeping the best customer service for our partners a top priority.”
According to numbers released by Reverse Market Insight, industry-wide reverse mortgage wholesale volume dropped roughly 17 percent from October to November 2009, bringing 2009 year-to-date volume down to 6.4 percent below 2008 levels. Even with that decline, 2009 was the second highest industry wide wholesale volume on record for HECMs.
“Brokers who appreciate Generation’s very competitive and consistently high level of personal service certainly attributed to our growth last year. Earning our Ginnie Mae servicer approval and obtaining issuance authority was critical, as the market shifted from Fannie Mae to more viable investors,” stated Sherry Apanay, senior vice president, Generation Mortgage Company.
For more information, visit www.generationmortgage.com.