According to a press release from March 26th Bank of New York sold its 49% stake in joint venture BNY Mortgage to Everbank Financial Corp., the majority stakeholder.  There was no disclosed price on how much Everbank paid for Bank of New York’ stake in the company.  According to Kevin Heine, a Bank of New York Spokesman, “the transaction is consistent with the bank’s recent strategic moves to focus on asset management and securities servicing.”

Robert Sivori, the co-president of BNY Mortgage stated that “BNY Mortgage will keep its name for a year”  but would not comment on what the name would change to.  According to another source at BNY Mortgage I was assured that it would be business as usual and mortgage brokers wont see any changes in the direction that BNY Mortgage has taken over the past few months.  This is good news for the reverse mortgage industry in general since a few weeks ago BNY Mortgage came out with the first fixed rate reverse mortgage since the early 1990’s.  To read a copy of the press release click the link below.

Reuters

Technorati tags: Reverse Mortgage, HECM Fixed Rate, BNY Mortgage, Mortgage

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