Bank of America to Unload $92 Million of HECMs in Private MBS

Bank of America Merrill Lynch is looking to sell a $92 million bond backed by “troubled” reverse mortgages backed by the Federal Housing Administration according to Reuters. The bond includes 760 HECMs with borrowers are all in distress situations, including foreclosure. Whether or not they’re T&I defaults isn’t clear, but one analyst told RMD they’re […]

Chart of the Day: Age of HECM Borrowers Dropping Quickly

Reverse Market Insight beat us to the punch with this one.  During the National Reverse Mortgage Lenders Association’s road show last week, John Nixon, an executive at Bank of America said 62 year olds were the most common among recent reverse mortgage borrowers and I was a bit stunned. According to RMI, the average age for […]

Financial Freedom Lowers HECM Fixed Rate, Enhances Product

Financial Freedom announced to wholesale customers that it has enhanced its HECM Fixed Rate product by offering a lender paid credit to borrower closing costs on all refinance transactions.  The new product will be available starting June 3, 2010 and was designed to maximize flexibility for loan originators and provide better tools to capture interested reverse […]

Sun West Announces Zero Fee Reverse Mortgage

Sun West Mortgage Company announced it’s offering improved pricing and a no fee reverse mortgage starting May 27, 2010. The new product allows wholesale customers to design a reverse mortgage with all or any combination of service, origination, mortgage insurance premium (MIP), and title insurance fees to provide consumers with a HECM product that best […]

Bank of America Paying Entire Upfront MIP on Fixed Rate Reverse Mortgages

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 […]

Bank of America Paying Half of MIP on Fixed Rate Reverse Mortgages

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. “In an effort to continue to drive additional benefit back to senior borrowers, this […]

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

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, […]

Seattle Mortgage Brings Hulbert Back to Run Reverse Business

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. […]

Bank of America Lends $13 Billion of Home Equity and Reverse Mortgage Loans in 2009

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.  "Bank of America can only succeed by […]