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Bank of America

Wholesale Reverse Mortgage Volume Continues to Slide, MetLife Holds Top Spot

January 4th, 2010  |  by John  |  published in Bank of America, Financial Freedom, Generation Mortgage, MetLife, News, Reverse Mortgage, Reverseit

Wholesale reverse mortgage volume came in at 3,900 units in November, down 17% from October.  November’s volume is the lowest the industry has seen in 2009 and brings YTD total to 54,609.
MetLife retained its #1 spot in November with 1,123 units but still saw its volume decline a bit from October.


Fannie Mae Pricing Brings More Diverse Investor Base

November 19th, 2009  |  by Neil  |  published in Bank of America, GNMA, News, Reverse Mortgage

The secondary market for reverse mortgages is welcoming the expansion of adjustable rate securitizations through Ginnie Mae’s HMBS (HECM MBS) program. Leading the way for its sheer size is Bank of America, which is producing $200 million to $300 million a month in fixed and adjustable HMBS, according to Alan Cates, pricing strategy and secondary [...]


Bank of America Brings Fixed Rate Reverse Mortgage Back to Illinois, Will Others Follow?

October 22nd, 2009  |  by John  |  published in Bank of America, News, Reverse Mortgage

A few weeks ago Bank of America said that after reviewing policies and procedures as they relate to the Illinois High Risk Home Loan Act (HRHLA), it was suspending the fixed rate HECM in the state.
For the purposes of the HRHLA, the bank said closing costs which exceed 5% of the principal limit are [...]


Bank of America Cures Option Arm Defaults with Reverse Mortgages

October 21st, 2009  |  by John  |  published in Bank of America, News, Reverse Mortgage

The Wall Street Journal is reporting that Bank of America has been able to save approximately 20 seniors from losing their homes due to defaulting on option arm products taken out during the housing boom.
Pedro Garcia, a 69 year old retired corrections officer owed about $490,000 on his Southern California home which was [...]


Fannie Mae Warehouse Lending Program, What Does it Mean for Reverse Mortgages?

October 12th, 2009  |  by John  |  published in Bank of America, FHA, News, Reverse Mortgage

The Wall Street Journal reported last week that both government controlled Fannie Mae and Freddie Mac are working on a program to support the extension of warehouse lending to small mortgage lenders.
A source familiar with the plan told HousingWire that:


Top Wholesale Reverse Mortgage Lenders, Genworth’s Business Booming

October 8th, 2009  |  by John  |  published in Bank of America, Financial Freedom, Generation Mortgage, JB Nutter, MetLife, News, Reverse Mortgage, Top HECM Lenders

Wholesale reverse mortgage volume faired better than the retail side of the business in August.  According to data from RM Insight, wholesale volume was down 2.7% compared to retail endorsement volume being down 17% in August.
The most interesting aspect of the data is seeing how much Genworth’s wholesale business picked up.  If you look [...]


Financial Freedom Discontinues Fixed Rate Reverse Mortgage in Illinois

October 1st, 2009  |  by John  |  published in Bank of America, Financial Freedom, News, Reverse Mortgage, Reverseit

Financial Freedom announced that it’s discontinuing the HECM fixed rate product in the state of Illinois, effective immediately said the company statement.
The statement read that:


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