Statistics on California Reverse Mortgage Lenders

California’s top reverse mortgage lenders thru April 2007 according to American Community Survey. The following table shows California’s top 10 originators of HUD HECM (Reverse Mortgage) loans.

Top California HECM Lenders	HECM Loans 2007
WELLS FARGO BANK NA	1,496
LIBERTY REVERSE MORTGAGE INC	572
FINANCIAL FREEDOM SENIOR FUNDI	378
HOME CENTER MORTGAGE	309
NEW HORIZONS REVERSE MORTGAGE	230
SEATTLE MORTGAGE COMPANY	210
REVERSE MORTGAGES OF CA IN	151
OMNI HOME FINANCING INC	148
FUTURESAFE FINANCIAL CORPORATI	111
SENIOR FUNDING ASSOCIATES	104
LIBERTYSTREET FINANCIAL GROUP	100
GENERATION MORTGAGE COMPANY	96
MARK ALLEN MORTGAGE CORP	87
SENIOR AMERICAN FUNDING INC	86
WWMF INC	79
AMERICAN MORTGAGE PROFESSIONAL	77
LOAN LINK FINANCIAL SERVICES	63
WSB MORTGAGE SERVICES INC	61
AMERICAN SENIOR FUNDING CORPOR	54
ONE MORTGAGE NETWORK INC	48
HOME CAPITAL FUNDING	47
REVERSE MORTGAGE LENDING INC	44
CARROLLTON MORTGAGE CO	44
U.S. FINANCIAL MORTGAGE CORPOR	43
NETWORK SOURCE FUNDING INC	43

Written by charles dennis on May 15th, 2007 with no comments.
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Countrywide set to bully Reverse Mortgage Market

As Bank of America and Wells Fargo are lengthening their strong hold on the Reverse Mortgage Market, Countywide annouces that there is another elephant set to dominate the party. Marketwatch Reports that:

The nation’s aging population, along with the rapid housing-price appreciation from 2000 to 2005, has led to record growth in reverse mortgages, which allow homeowners 62 years old and above to turn home equity into income they don’t have to repay until they move out. The reverse mortgage takes its name from the way cash flows between a lender and a borrower. Rather than sending mortgage payments to a bank, as with a traditional mortgage, the borrower receives money in the form of a lump-sum payment, equal payments over time or a line of credit.

Countrywide’s (more…)

Written by charles dennis on May 15th, 2007 with 1 comment.
Read more articles on Banks & Lenders and Market Commentary.