Brand trust and recognition are huge factors for seniors who are shopping for reverse mortgages, consumer advocates say, and so Wells Fargo and Bank of America’s exits from the reverse industry could have an impact on consumer perception of the product. Subsequently, the number of reverse mortgage endorsements could take a hit, if public perception [...]

Fannie Mae (OTC BB: FNMA.OB ) has securitized over $9 billion of HECM reverse mortgages—a little more than 18% of its total portfolio—in one transaction. The government sponsored enterprise issued a Real Estate Mortgage Investment Conduit (REMIC) consisting of $9,255,811,613 HECM loans originated by Bank of America. A REMIC is a type of multiclass mortgage-related security in which [...]

As the shock of Bank of America’s decision to leave the reverse mortgage industry wears off, a talent and market-share grab is underway. At the end of 2010, Bank of America’s market share stood at 17.8%, making it the second-largest reverse mortgage lender in the country. Interestingly enough, over the last two months, endorsements for [...]

Security One Lending has hired former Bank of America exec Ron Fetcher lead the expansion of its retail lending team. The San Diego-based top-10 lender named Fetcher as senior vice president, national performance executive for retail lending, with the aim of broadening the company’s sales force, expanding its market share and diversifying its geographic risk.

Wells Fargo will exit the wholesale reverse mortgage business and will no longer accept applications through its broker channel after March 18th. “After a detailed review of evaluation of volume and goals for 2011, Wells Fargo Wholesale Mortgage lending (our broker channel) has decided to discontinue offering reverse mortgage loans,” said Veronica Clemons, spokesperson for [...]

While reverse mortgage endorsements were down 35% in 2010, Reverse Market Insight points not to volume declines, but consolidation as the biggest industry trend of 2010 in a report released Thursday. During the year, the number of active lenders fell by 47.2% and the largest lenders reaped the benefits. According to RMI, the top 10 [...]