Bank of America (BAC:NYSE) announced it’s paying 100% of the upfront mortgage insurance premium (MIP) on unlocked fixed rate HECMs starting May 7, 2010.
“In an effort to continue to drive additional benefit back to senior borrowers, this latest product enhancement will assist you in providing innovative and cost-effective options to your customers,” said the company [...]

Bank of America announced to wholesale reverse mortgage customers it will pay 50% of the upfront Mortgage Insurance Premium (MIP) on all HECM fixed rate transactions.
The new policy is effective April, 16 said the company in a statement to brokers.

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.