Bank of America to Exit Reverse Mortgage Business (Update)

Bank of America told employees it’s leaving the reverse mortgage business on Friday. The company left the “forward” wholesale business last year, but at the time, told RMD it remained committed to the reverse mortgage wholesale channel.  Rumors began swirling early Friday and RMD confirmed with several people within the company that it’s leaving all channels […]

Third Party Reverse Mortgage Originators, Experience is Key

The Department of Housing and Urban Development’s decision to eliminate correspondents has the potential to open up the reverse mortgage industry to a new group of brokers, but not everyone is welcoming them with open arms. “We are not trying to bring a lot of new players into the market,” said John Nixon of Bank […]

Lawsuit Shows Bank of America Paid $220 Million for SMC Reverse Business

Lawsuits can bring out some interesting information and the latest against Seattle Mortgage is a perfect example. Bank of America acquired Seattle Mortgage’s reverse mortgage division in 2007 which included a portfolio of over $4 billion reverse mortgages, approximately 400 SMC employees as well as a retail sales force of more than 200 associates in […]

Bank of America to Restart Foreclosures in 23 States

After suspending foreclosures nationwide, Bank of America said it has restarted the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending on Monday. The bank anticipates that by Monday, Oct. 25, the first foreclosure affidavits will be resubmitted to the courts. Upon judgment, foreclosure dates will be set […]

Bank of America Exits Forward Wholesale Business, Remains Committed to Reverse

Bank of America Home Loans announced it’s exiting the first mortgage wholesale channel to focus on direct to consumer retail, correspondent, and warehouse lending on Tuesday. ”By exiting the first mortgage wholesale channel, we can redirect critical operational resources to further enhance our capabilities in direct-to-consumer channels,” said Barbara Desoer, president of Bank of America […]

Bank of America Sells $92 Million of HECMs in Private MBS Deal

Bank of America Merrill Lynch closed a $92 million private placement security backed by “troubled” reverse mortgages insured by the Federal Housing Administration according to Total Securitization.  The deal is the first private label reverse mortgage securitization seen in the market since the downturn. Issued by Mortgage Equity Conversion Asset Trust Corporation, a shelf issuer that […]

Next Generation Product Could Expand Demographic Appeal of Reverse Mortgages

The last year hasn’t been easy on the reverse mortgage industry, but during the National Reverse Mortgage Lenders Association’s “road show” attendees expressed some optimism about things to come. With at least $140 million provided through the appropriation process so far and the possibility of a two product solution from the Federal Housing Administration, stars […]