Over the last week reverse mortgage pricing has taken a dramatic turn for the worse as rates on bonds continue to rise. “There has been a fairly large bond market selloff in past few days,” said Jeff Traister, reverse mortgage trader at Cantor Fitzgerald. A good benchmark for Ginnie Mae’s HMBS program is the 5-year [...]

Less than a year after coming back into the reverse mortgage business, Seattle Mortgage said it will close the division by the end of February. An affiliate of Seattle Bank, the operation was hampered by the bank as it struggled to raise additional capital to appease federal regulators.  Reports show it’s close to raising $50 [...]

Days after Bank of America announced it was exiting the reverse mortgage business, there continues to be speculation over why the company made the decision to leave the industry. Despite the bank telling RMD in a statement it’s closing the operation to focus on its core mortgage business and move the operational unit into other critical [...]

Bank of America told employees it’s leaving the reverse mortgage business on Friday. The company left the “forward” wholesale business last year, but at the time, told RMD it remained committed to the reverse mortgage wholesale channel.  Rumors began swirling early Friday and RMD confirmed with several people within the company that it’s leaving all channels [...]

The Department of Housing and Urban Development’s decision to eliminate correspondents has the potential to open up the reverse mortgage industry to a new group of brokers, but not everyone is welcoming them with open arms. “We are not trying to bring a lot of new players into the market,” said John Nixon of Bank [...]

Bank of America has named Jesse Allen as the new head of its reverse mortgage business according to a company spokesperson. Allen previously served as its reverse mortgage national retail sales executive and will succeed Steve Boland as the bank’s executive in the division.