Bank of America will pay $1 billion to the U.S. largest false claims act settlement relating to mortgage fraud, states attorneys general and the federal administration announced Thursday. In the largest settlement of its kind encompassing 49 states attorneys general and the federal government, Bank of America is one of five servicers involved in defrauding [...]

Whether it was the sad slow demise of Financial Freedom or the shocking exits of Bank of American and Wells Fargo, the last year has been a rough one on the reverse mortgage industry. While 2011 was about the loss of industry-defining reverse mortgage brands, the next 12 months will be about building the next [...]

Bank of America (NYSE:BAC) has agreed to sell roughly $18 billion in servicing rights for reverse mortgages to Nationstar Mortgage for approximately $25 million. The deal which is subject to purchase price adjustments and is expected to close on December 22, 2011, according to a Securities Exchange Commission filing. The transfer of the loans is [...]

Bank of America is looking to sell its correspondent lending business, the Wall Street Journal first reported on Wednesday. The WSJ cited “people familiar with the situation,” as the source of the information, and said the correspondent sale would be in an effort to focus the bank’s financial strength. Now, the company has confirmed it will [...]

Many in the industry have lamented the loss of Wells Fargo and Bank of America from an educational and brand awareness standpoint, but the exits are driving new referral business to lenders who remain. Reports have shown larger lenders saw a boost in volume following the exits, it also appears that some much smaller originators are [...]

In the wake of the housing crash and exits from three of the largest reverse mortgage lenders, the industry is headed toward its third straight year of loan volume decline reports Reuters. Last year, volume was down 37% from its peak in 2008 and this year it’s expected to fall again according to John Lunde, [...]