The San Francisco Chronicle is reporting that a former Bank of America customer service representative has been charged with swindling $61,000 from a 96-year-old woman who entrusted him with her finances. Twenty five year old Saul Cornejo of Daly City was being held on $50,000 bail after pleading not guilty Thursday to charges of felony […]
Category: Bank of America
Wholesale reverse mortgage volume came in at 3,900 units in November, down 17% from October. November’s volume is the lowest the industry has seen in 2009 and brings YTD total to 54,609. MetLife retained its #1 spot in November with 1,123 units but still saw its volume decline a bit from October.
The secondary market for reverse mortgages is welcoming the expansion of adjustable rate securitizations through Ginnie Mae’s HMBS (HECM MBS) program. Leading the way for its sheer size is Bank of America, which is producing $200 million to $300 million a month in fixed and adjustable HMBS, according to Alan Cates, pricing strategy and secondary […]
A few weeks ago Bank of America said that after reviewing policies and procedures as they relate to the Illinois High Risk Home Loan Act (HRHLA), it was suspending the fixed rate HECM in the state. For the purposes of the HRHLA, the bank said closing costs which exceed 5% of the principal limit are […]
The Wall Street Journal is reporting that Bank of America has been able to save approximately 20 seniors from losing their homes due to defaulting on option arm products taken out during the housing boom. Pedro Garcia, a 69 year old retired corrections officer owed about $490,000 on his Southern California home which was recently […]
The Wall Street Journal reported last week that both government controlled Fannie Mae and Freddie Mac are working on a program to support the extension of warehouse lending to small mortgage lenders. A source familiar with the plan told HousingWire that: a forthcoming program will “provide a certain measure of comfort” to warehouse lenders who […]
Wholesale reverse mortgage volume faired better than the retail side of the business in August. According to data from RM Insight, wholesale volume was down 2.7% compared to retail endorsement volume being down 17% in August. The most interesting aspect of the data is seeing how much Genworth’s wholesale business picked up. If you look […]
Financial Freedom announced that it’s discontinuing the HECM fixed rate product in the state of Illinois, effective immediately said the company statement. The statement read that: We will continue to process and fund existing Illinois Fixed-Rate loans in the pipeline pending further review of our ongoing ability to sell these loans, but can provide no […]
Bank of America announced that it’s suspending the origination of the fixed rate HECM product in Illinois. According to the company’s statement, they have reviewed its current policies and procedures as they relate to a law unique to the state of Illinois called the Illinois High Risk Home Loan Act (HRHLA). HRHLA applies to all […]
Bank of America rolled out its Clarity Commitment in April, but it added its reverse mortgage Clarity Commitment last week for its fixed rate reverse mortgage product. The Clarity Commitment is a one-page loan summary which presents borrowers with their interest rate, terms and other details of the loan in plain language says the company […]
