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 [...]

According to an article recently published by National Mortgage News, David Peskin, CEO of Vertical Lend said that the company is slated to be renamed World Alliance Financial.  The announcement comes after KBC Bank agreed to buy Vertical Lend, a reverse mortgage retail/wholesale lender and lead aggregator based out of Melville, NY.  “We believe [...]

According to a press release issued on June 29th, Bank of America has completed the acquisition of Seattle Mortgage’s reverse mortgage division.  BofA made the announcement to acquire Seattle Mortgage back in April.  Colin McCormick, BofA’s Reverse Mortgage Product executive commented, “Seattle Mortgage has been the gold standard in the reverse mortgage industry. We are [...]

According to an article from HeraldNet we will start to see more lenders allowing borrowers to get a reverse mortgage on their second homes.  Bank of America who recently purchased the reverse mortgage business of Seattle Mortgage is expected to allow reverse mortgages for second homes once the purchase is complete next month.  “The [...]

Bank of America announced today that it has signed an agreement to acquire the reverse mortgage business of Seattle Mortgage Company, who is an indirect subsidiary of Seattle Financial Group, Inc.  SMC is the third largest producer of federally backed reverse mortgages and gives BOA a huge section of the reverse mortgage market.
BOA has been piloting their own [...]

Seattle Mortgage just recently made a change to their Independence Plan (SM) which is one of the new jumbo reverse mortgage  products on the market.  The standard Independence plan has a margin of 3.60% but now if the borrower is willing to keep their LTV a bit lower they are willing to cut the margin  to 2.10%.  “The [...]

Seattle Mortgage has announced that their reverse mortgage borrowers will have the option to use QuickChecks (SM) to pay for everyday expenses.  Quick Checks (SM) allows reveres mortgage borrowers to write a check instead of having to fax in a request for funds to the servicer.  I think this is a great feature that you [...]