Countrywide Reverse Mortgage Executive Takes Reigns at Bank of America

August 27th, 2008 | by admin Published in Bank of America, Countrywide, News, Products, Reverse Mortgage, Seattle Mortgage | 8 Comments

When Bank of America completed the purchase of Countrywide in July, there was no mention of what would happen each companies reverse mortgage mortgage divisions. If you take a look at last months HECM endorsements, Countrywide was the third largest originator of HECMs and Bank of America was fifth. Together the two companies become the 2nd largest reverse mortgage originator behind Wells Fargo.

Recently I spoke briefly with Terry Francisco, Bank of America’s SVP of corporate communications who said that Steve Boland was recently named reverse mortgage executive at Bank of America. Boland spent 11 years with Countrywide and was managing director and CEO of Countrywide’s reverse mortgage division. The two companies will continue to operate as separate companies but full integration of their sales forces and servicing centers is expected in mid-2009.

Bank of America’s entrance into the reverse mortgage business is a great example of how large institutions can buy market share very quickly. Before buying Seattle Mortgage in June of 2007 the company had a relatively small footprint in the reverse mortgage business.

Technorati tags: Reverse Mortgage, HECM, Bank of America, Countrywide, News

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Rob Peterson

BofA not only managed to quickly gain market share within the reverse mortgage industry but also dethrone Financial Freedom. I will even go so far as to argue that BofA might be able to challenge Wells Fargo's #1 position unless WF buys out Financial Freedom.

Kevin

No need to argue, WF is a mess internally regarding reverse.......Give it a year, and as WF continues to lose talent, BofA will assume the vacant role of #1

Jim

Look out for MetLife!!!

Michael

BofA's backend has been excellent, also; service is far superior on the back end to WF. Agree with Kevin; it's only a matter of time...

Rich S

And in this matter of time, will BofA dump their reverse wholesale like they did on the forward side???

Robert

Re: Rich S

I've been loyal to BofA/Seattle Mortgage for years with my reverse business and I'm 100% positive that this will never happen. A reverse mortgage is a much safer investment with a higher yield than any forward. Look to them to strengthen their position in wholesale. They've still got the best customer service, hands down.

Terry

Always throwing WF on the fire when they lead in every aspect of growth and liquidity. Because Wells doesn't pay the ridiculous package that B of A offere is the reason for the loss of originators. If you need to pay forward severance they are the people they probably didn't want. Don't worry about Wells as much as the pending litigation and the cutbacks in your packages.

Jeff

I actually heard from a Reverse lender I was interviewing with yesterday that BofA/C'wide Reverse was not doing so hot - at least here in the Jacksonville, FL market. I was interviewing for a Retail position, so pretty sure he was referring to Retail. Anyway, the interviewer and company are pretty well connected (in Florida at least), so I need to ask him again to clarify. Of course, it may all be propaganda to keep me from looking there.

Countrywide Reverse Mortgage Executive Takes Reigns at Bank of America

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