In terms of new HELOC commitments for the second quarter, Bank of America led the pack with $2.77 billion, followed by Wells Fargo ($1.91 billion) and Citizens Bank ($1.50 billion).
Bob Garrett, executive vice president in charge of warehouse finance at First Tennessee Bank, said he’s seen some competitors that are so overwhelmed with demand they’re turning away business.
FHA/VA lending is the segment where brokers enjoy their biggest market share. In the jumbo space, they captured just 5.0% of second-quarter volume, along with a 17.1% share in the conventional-conforming market.
For the first half, the top five HECM lenders were American Advisors Group, One Reverse Mortgage, Synergy One, Reverse Mortgage Funding, and Fairway Independent Mortgage…