As more lenders continue to release updated products to remain competitive in the marketplace, Bank of America announced a few changes to its reverse mortgage products. “Bank of America is dedicated to offering products that are most beneficial to the customer,” said the company in a message to brokers late week.
Effective Monday, April 5, Bank [...]

Seattle Mortgage Company announced it named Sarah Hulbert as Senior Vice President of reverse mortgages. In her new role, Hulbert will oversee the company’s reverse mortgage business.
“We are very pleased to have Sarah’s leadership and extensive knowledge of this business back at Seattle Mortgage Company,” said Les Bedford, the mortgage company’s executive vice president. “Consumers [...]

Bank of America extended more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone said its Lending & Investing Initiative Report.
In addition, the company extended nearly $3 billion in home equity and reverse mortgage loans (FY09: $13 billion) during 4Q. 

The San Francisco Chronicle is reporting that a former Bank of America customer service representative has been charged with swindling $61,000 from a 96-year-old woman who entrusted him with her finances.
Twenty five year old Saul Cornejo of Daly City was being held on $50,000 bail after pleading not guilty Thursday to charges of [...]

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.

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 [...]

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 [...]