The consolidation of Bank of America and Countrywide’s reverse mortgage business will be complete on April 27, said a statement from Bank of America.  Additionally, on the same day, the company anticipates that Countrywide Bank, FSB will be fully merged with Bank of America.  
The wholesale channels for forward and reverse mortgages will be […]

Bank of America recently announced that they will be offering LIBOR based reverse mortgage products to wholesale brokers.  According to the announcement, Bank of America still believes that the CMT index is better for you and you customer but they realize the spreads between LIBOR and CMT are volatile and may reverse course in […]

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 […]

Bank of America (BOA), a leading Reverse Mortgage wholesale Lender, discontinued it’s Broker Advisory program last week, August 15, 2008. The program suspension is directly related to passage of the Housing and Economic Recovery Act, the landmark legislation that will ultimately have a revolutionary impact on the mortgage industry based on the more we […]

What would you do after selling your reverse mortgage business to Bank of America?  In times like these the decision is tough, but after selling servicing rights on about 40,000 reverse mortgages totaling $4 billion you should have a few options.  With the housing market in the dumps Seattle Savings Bank (SSB) is taking profits […]

Reverse mortgage lenders are hot right now. Even with all of the negative press our industry has received over the past few months, companies are still acquiring reverse mortgage lenders. I cant say I’m surprised either… as we all know succeeding in the reverse mortgage business requires a different approach than the […]