Bank of America Merrill Lynch closed a $92 million private placement security backed by “troubled” reverse mortgages insured by the Federal Housing Administration according to Total Securitization.  The deal is the first private label reverse mortgage securitization seen in the market since the downturn.
Issued by Mortgage Equity Conversion Asset Trust Corporation, a shelf issuer that houses [...]

The last year hasn’t been easy on the reverse mortgage industry, but during the National Reverse Mortgage Lenders Association’s “road show” attendees expressed some optimism about things to come.
With at least $140 million provided through the appropriation process so far and the possibility of a two product solution from the Federal Housing Administration, stars seems [...]

Bank of America Merrill Lynch is looking to sell a $92 million bond backed by “troubled” reverse mortgages backed by the Federal Housing Administration according to Reuters.
The bond includes 760 HECMs with borrowers are all in distress situations, including foreclosure. Whether or not they’re T&I defaults isn’t clear, but one analyst told RMD they’re likely [...]

The Street is reporting that Wells Fargo, Bank of America, and MetLife account for 52% of the reverse mortgage volume in the industry.
According to Reverse Market Insight, the top 10 lenders make up 89% of the market.

Reverse Market Insight beat us to the punch with this one.  During the National Reverse Mortgage Lenders Association’s road show last week, John Nixon, an executive at Bank of America said 62 year olds were the most common among recent reverse mortgage borrowers and I was a bit stunned.
According to RMI, the average age for borrowers [...]

Financial Freedom announced to wholesale customers that it has enhanced its HECM Fixed Rate product by offering a lender paid credit to borrower closing costs on all refinance transactions.  The new product will be available starting June 3, 2010 and was designed to maximize flexibility for loan originators and provide better tools to capture interested reverse [...]

Sun West Mortgage Company announced it’s offering improved pricing and a no fee reverse mortgage starting May 27, 2010.
The new product allows wholesale customers to design a reverse mortgage with all or any combination of service, origination, mortgage insurance premium (MIP), and title insurance fees to provide consumers with a HECM product that best fits [...]