Countrywide Reverse Mortgage Executive Takes Reigns at Bank of America

BofA_Logo 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 the 2nd largest reverse mortgage originator behind Wells Fargo.

Recently I spoke briefly with Terry Francisco, Bank of America’s SVP of corporate communications who said that Steve Boland was recently named reverse mortgage executive at Bank of America.  Boland spent 11 years with Countrywide and was managing director and CEO of Countrywide’s reverse mortgage division.  The two companies will continue to operate as separate companies but full integration of their sales forces and servicing centers is expected in mid-2009.

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Bank of America’s entrance into the reverse mortgage business is a great example of how large institutions can buy market share very quickly.  Before buying Seattle Mortgage in June of 2007 the company had a relatively small footprint in the reverse mortgage business.

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  • BofA not only managed to quickly gain market share within the reverse mortgage industry but also dethrone Financial Freedom. I will even go so far as to argue that BofA might be able to challenge Wells Fargo’s #1 position unless WF buys out Financial Freedom.

  • Re: Rich S

    I’ve been loyal to BofA/Seattle Mortgage for years with my reverse business and I’m 100% positive that this will never happen. A reverse mortgage is a much safer investment with a higher yield than any forward. Look to them to strengthen their position in wholesale. They’ve still got the best customer service, hands down.

  • Always throwing WF on the fire when they lead in every aspect of growth and liquidity. Because Wells doesn’t pay the ridiculous package that B of A offere is the reason for the loss of originators. If you need to pay forward severance they are the people they probably didn’t want. Don’t worry about Wells as much as the pending litigation and the cutbacks in your packages.

  • I actually heard from a Reverse lender I was interviewing with yesterday that BofA/C’wide Reverse was not doing so hot – at least here in the Jacksonville, FL market. I was interviewing for a Retail position, so pretty sure he was referring to Retail. Anyway, the interviewer and company are pretty well connected (in Florida at least), so I need to ask him again to clarify. Of course, it may all be propaganda to keep me from looking there.

  • Wells is a success in spite of itself. The majority of the people I know who've left did so, some without a job in the offing, because of the poor management style, internal confusion, lack of support and a general disconnect. They've lost many good people and it's not all about money. If you are happy, you aren't looking. Besides the best people in our business aren't in it for the money and the ones who are won't succeed with a 'sales' mentality. You won't find Wells on the Top 100 list of great companies to work for. BofA will do quite nicely and should emerge in the top spot.

  • Wells is a success in spite of itself. The majority of the people I know who’ve left did so, some without a job in the offing, because of the poor management style, internal confusion, lack of support and a general disconnect. They’ve lost many good people and it’s not all about money. If you are happy, you aren’t looking. Besides the best people in our business aren’t in it for the money and the ones who are won’t succeed with a ‘sales’ mentality. You won’t find Wells on the Top 100 list of great companies to work for. BofA will do quite nicely and should emerge in the top spot.

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