CFPB: Bank of America Nets Most Mortgage Complaints by Sizable Margin

Between July 21, 2011 and September 30, 2012, U.S. consumers filed 36,403 mortgage-related complaints against various lenders, banks, servicers, and other mortgage companies, according to a data collected by the Consumer Financial Protection Bureau (CFPB).  Bank of America accounted for 27% of complaints, the most out of any bank accounted for in CFPB’s data. Of […]

U.S. Slams Bank of America With New Billion-Dollar Mortgage Suit

Bank of America was sued today for more than $1 billion in multi-year mortgage fraud against Fannie Mae and Freddie Mac. The suit follows a billion-dollar charge in October against Wells Fargo for misleading lending practices and faulty underwriting. The loans in question were written in part under Countrywide, later acquired by Bank of America, […]

The Biggest Impact of Losing MetLife and Wells Fargo? Liquidity

Exits by major financial institutions like MetLife, Wells Fargo, and Bank of America have been hard on the reverse mortgage industry from a public perception perspective, but the loss of liquidity as a result of those exits could also present other issues. Without these “mega banks” participating in the program, there is limited capacity for […]

Nationstar Continues Buy-Up of Mortgage Servicing Market

Following the purchase of MetLife’s reverse mortgage servicing rights in April and $18 billion in reverse mortgage servicing rights from Bank of America in December 2011, Nationstar Mortgage this week again boosted its servicing presence through the purchase of more Bank of America servicing—this time on the forward side.  Nationstar announced this week it has […]

Bank of America to Pay $1 Billion More in Mortgage Fraud Claims

Bank of America will pay $1 billion to the U.S. largest false claims act settlement relating to mortgage fraud, states attorneys general and the federal administration announced Thursday. In the largest settlement of its kind encompassing 49 states attorneys general and the federal government, Bank of America is one of five servicers involved in defrauding […]

Is There a Silver Lining in the Big Bank Reverse Mortgage Exits?

Many in the industry have lamented the loss of Wells Fargo and Bank of America from an educational and brand awareness standpoint, but the exits are driving new referral business to lenders who remain. Reports have shown larger lenders saw a boost in volume following the exits, it also appears that some much smaller originators are […]