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Posts Tagged ‘World Alliance Financial Corp’
Wednesday, November 4th, 2009
 With the 2009 fiscal year ending on September 30, this month’s HECM volume report revealed a new list of the top 10 reverse mortgage lenders, very much changed from that of last fiscal year. The list is below, compared to that of 2009 FY. However, given how close many of the lenders are to each other in terms of the number of HECMs they endorsed, it is by no means clear how the list will shake out over the next few months.
October 2009:
1. Wells Fargo
2. Bank of America
3. MetLife Bank
4. Financial Freedom Acquisition
5. One Reverse Mortgage
6. 1st AAA Reverse Mortgage
7. First Mariner Bank
8. Security One Lending
9. Harvard Home Mortgage
10. Stay in Home Mortgage
Fiscal Year 2009:
1. Wells Fargo
2. Bank of America
3. World Alliance Financial Corp
4. Financial Freedom
5. One Reverse Mortgage
6. MetLife Bank
7. Countrywide Financial
8. Generation Mortgage
9. Urban Financial Group
10. 1st AAA Reverse Mortgage
Thus, from last year’s top 10, only 6 remain in the top 10 for October. The complete list for October can be found on the HUD website. The changes will also be reflected on the Reverse Mortgage Guides website in the Lender Directory in the near future.
Tags: 1st AAA Reverse Mortgage, 2009 FY, Bank of America, Countrywide, financial freedom, First Mariner Bank, generation mortgage, Harvard Home Mortgage, hecm, hecm volume, HECM volume report, HECMs, HUD, list, MetLife, One Reverse Mortgage, reverse mortgage, reverse mortgage lender, reverse mortgage lenders, reverse mortgages, Security One Lending, Stay in Home Mortgage, top 10 list, Urban Financial, wells fargo, World Alliance Financial Corp
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Monday, October 5th, 2009
 September’s HECM volume report as published by HUD (U.S. Department of Housing and Development) showed that the number of HECMs endorsed increased by about 500 loans from August to September. The number of HECMs endorsed in September was 9,473, while 8,933 HECMs were endorsed in August. However, this number does not reflect the dramatic increase in the number of case numbers assigned the last week in September during the final days of the former PLF limits. As such, the number of HECMs endorsed should rise rapidly in October and November, as they are processed and closed.
In the meantime, the HECM lenders in the top 10 remained unchanged from August. These top 10 lenders are measured by the total number of HECMs endorsed so far this year, explaining why some lenders that have left the reverse mortgage business are still in the top 10. The list is as follows:
1. Wells Fargo
2. Bank of America
3. World Alliance Financial Corp
4. Financial Freedom
5. One Reverse Mortgage
6. MetLife Bank
7. Countrywide Financial
8. Generation Mortgage
9. Urban Financial Group
10. 1st AAA Reverse Mortgage
It will be very interesting to see if this list changes in the next two months as the number of HECMs endorsed increases dramatically. The complete list for September can be found on the HUD website. The changes will be reflected on the Reverse Mortgage Guides website in the Lender Directory within the next week.
Tags: 1st AAA Reverse Mortgage, August, Bank of America, Countrywide, financial freedom, generation mortgage, hecm, HECM volume report, HECMs, HUD, MetLife, One Reverse Mortgage, PLF, reverse mortgage, reverse mortgages, September, top 10 list, Urban Financial, wells fargo, World Alliance Financial Corp
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Wednesday, August 5th, 2009
 HECM volume increased dramatically this month. 9,830 HECMs were endorsed in July, up from 8,633 last month. This is a good sign if 2009 HECM volume is to surpass the HECM volume in 2008.
The same 9 lenders continued to possess an increased market share despite one of them (World Alliance Financial Corp) going out of buisness last month. One wonders if the increased number of endorsed HECMs from World Alliance Financial Corp (also known as Senior Lending Network) are a result of them trying to close out their pipeline as fast as possible. World Alliance Financial Corp rose to the #3 spot this month from number 4 a month ago. It will be interesting to see if they remain in the #3 spot next month.
The top nine lenders are ordered below with rankings determined by the number of HECMs endorsed by the lenders YTD. Financial Freedom only endorsed 10 HECMs last month, while Countrywide endorsed 8. One Reverse Mortgage surpassed Countrywide this past month in HECMs closed YTD. Countrywide was acquired by Bank of America back in January, and it will be interesting to see if the HECM volume attributed to them continues to decline as well (so far it looks as if it has).
Finally, it is important to note that only nine lenders were highlighted because several lenders, led by 1st AAA Reverse Mortgage Inc. are clustered under Urban Financial. This group has closed between 900 and 960 leads so far this year, but is still well under Urban Financial’s totals.
Top Nine HECM Lenders by Volume – June
1. Wells Fargo
2. Bank of America
3. Financial Freedom
4. World Alliance Financial Corp.
5. Countrywide
6. One Reverse Mortgage
7. MetLife
8. Generation Mortgage
9. Urban Financial
Top Nine HECM Lenders by Volume – July
1. Wells Fargo
2. Bank of America
3. World Alliance Financial Corp.
4. Financial Freedom
5. One Reverse Mortgage
6. Countrywide
7. MetLife
8. Generation Mortgage
9. Urban Financial
The complete lender list can be found here.
Tags: 1st AAA Reverse Mortgage, Bank of America, Countrywide, financial freedom, generation mortgage, hecm, HECM volume report, July, June, lender, lender list, lenders, MetLife, One Reverse Mortgage, reverse mortgage, reverse mortgages, Senior Lending Network, Urban Financial, wells fargo, World Alliance Financial Corp
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Thursday, July 9th, 2009
 On Tuesday the Senior Lending Network, also known as World Alliance Financial Corp., announced that it would no longer be accepting new reverse mortgage loan applications. The decision comes down from World Alliance Financial Corp.’s parent company, KBC Group, based in Belgium. KBC Group has been hard hit in the recent economic downturn, and, with the recent repurchase of Equity Key by its founders, appears to be seeking to shed its US holdings. Both World Alliance Financial Corp. and KBC Group have announced their diligence in finding a buyer or capital partner, but if they don’t, KBC Group has said it will begin to wind down World Alliance Financial Corp’s operations.
This move is destined to have ramifications throughout the industry considering that World Alliance Financial Corp. has endorsed 2,892 HECMs thus far this year, making it the fourth largest lender and holding a significant market share, around 3.4% of the market. As a result, it will be very interesting to see which lenders pick up both Senior Lending Network’s former customers and their former leads. Next month’s HECM volume report is likely to paint a different picture from what many in the industry have grown accustomed to over the past few months.
Tags: hecm, KBC Group, reverse mortgage, reverse mortgage lender, reverse mortgage lenders, reverse mortgages, Senior Lending Network, World Alliance Financial Corp
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