Have Bank Exits Impacted Consumer’s Perception of Reverse Mortgages?

Brand trust and recognition are huge factors for seniors who are shopping for reverse mortgages, consumer advocates say, and so Wells Fargo and Bank of America’s exits from the reverse industry could have an impact on consumer perception of the product. Subsequently, the number of reverse mortgage endorsements could take a hit, if public perception […]

Fannie Mae Starts to Securitize HECM Portfolio, Issues $9 Billion BofA REMIC

Fannie Mae (OTC BB: FNMA.OB ) has securitized over $9 billion of HECM reverse mortgages—a little more than 18% of its total portfolio—in one transaction. The government sponsored enterprise issued a Real Estate Mortgage Investment Conduit (REMIC) consisting of $9,255,811,613 HECM loans originated by Bank of America. A REMIC is a type of multiclass mortgage-related security in which […]

Reverse Mortgage Lenders Look to Capitalize on Bank of America Exit

As the shock of Bank of America’s decision to leave the reverse mortgage industry wears off, a talent and market-share grab is underway. At the end of 2010, Bank of America’s market share stood at 17.8%, making it the second-largest reverse mortgage lender in the country. Interestingly enough, over the last two months, endorsements for […]

Security One Hires Former Bank of America Exec

Security One Lending has hired former Bank of America exec Ron Fetcher lead the expansion of its retail lending team. The San Diego-based top-10 lender named Fetcher as senior vice president, national performance executive for retail lending, with the aim of broadening the company’s sales force, expanding its market share and diversifying its geographic risk.

Wells Fargo to Exit Wholesale Reverse Mortgage Business

Wells Fargo will exit the wholesale reverse mortgage business and will no longer accept applications through its broker channel after March 18th. “After a detailed review of evaluation of volume and goals for 2011, Wells Fargo Wholesale Mortgage lending (our broker channel) has decided to discontinue offering reverse mortgage loans,” said Veronica Clemons, spokesperson for […]

Seattle Mortgage Closing Reverse Mortgage Division

Less than a year after coming back into the reverse mortgage business, Seattle Mortgage said it will close the division by the end of February. An affiliate of Seattle Bank, the operation was hampered by the bank as it struggled to raise additional capital to appease federal regulators.  Reports show it’s close to raising $50 […]