Not only is Quicken Home Loans now the nation’s fourth largest residential lender, but the privately held nonbank is also among the most active players in the reverse market.
According to preliminary survey information compiled by National Mortgage News and the Quarterly Data Report, Quicken ranked first in the third quarter with $213 million of new reverse loans originated, a 51% gain from the same period a year ago.
But the results are incomplete because several firms would not provide any origination figures on the product, which is insured by the Federal Housing Administration.
Several megabanks—including Wells Fargo and Bank of America—have exited the space over the past 18 months, leaving the business to an array of nonbanks and medium-size lenders.
Recently, Ocwen Financial moved into the sector, purchasing Genworth Financial Home Equity Access for roughly $22 million in cash.
In October GNMA guaranteed $700 million of reverses.