In case you missed it…here’s what happened in reverse mortgage news this week.
Bank of American sold off the very last of its reverse mortgage businesses. The former No. 2 reverse mortgage lender 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.
First National Bank of Layton launched a new production center. The bank has launched a new reverse mortgage production center in Kennesaw, Georgia, with the help of Joe Morris, Generation Mortgage founder and longtime reverse mortgage executive. The company is hiring for the new production center.
Carol Galante inched closer to a permanent post as FHA commissioner. A Senate committee voted in favor of Galante’s nomination, 13-9. Senate Republicans, however, have said they will block her nomination when it comes to a full senate vote, citing uncertainty with the health of FHA and the potential need for a taxpayer bailout.
Google was forced to shut down the vast majority of its mortgage comparison ads. Google has been allowing users to search for mortgage products through its Google Advisor search platform, and now has cut all but five states from its mortgage search capabilities after coming under examination from state regulators who found Google lacks the proper licensing.
…and check out the Lender Blender short YouTube film from Mortgage Cadence, featuring a new “Hoarders” edition, for a glimpse at what could happen if you let documentation storage get the best of you.
Written by Elizabeth Ecker