HW Media connects and informs decision makers across the housing economy. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Moving the Housing Market Forward.
Bank of AmericaNewsReverse Mortgage

Bank of America Rolls Out Lower LIBOR Margin and Fixed Rate Products

201004050843.jpgAs 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 of America joins MetLife and others by offering a fixed rate HECM with a $0 servicing fee at 5.56%.

The company also updated its LIBOR product offering by lowering monthly margins to 175 and 200, from 225 and 250 respectively. The adjustable rate LIBOR products require a minimum servicing fee of $30 said Bank of America.

The company said it intends to maintain pricing for the LIBOR 225 and 250 to both our closed-loan and broker partners through April 9, 2010 (last day to lock). Any unlocked loans in the pipeline will require a re-disclosed GFE and MBFA in order to be eligible for any price improvement.

Chart: Bank of America Reverse Mortgage Volume


Bank of America Reverse Mortgage Volume

Powered By: iCharts | create, share, and embed interactive charts online