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 […]
Category: Bank of America
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 […]
Bank of America has named Jesse Allen as the new head of its reverse mortgage business according to a company spokesperson. Allen previously served as its reverse mortgage national retail sales executive and will succeed Steve Boland as the bank’s executive in the division. BofA tells RMD that Boland was named to lead a new […]
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 […]
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 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 introduced a new adjustable rate Home Equity Conversion Mortgage (HECM) product to wholesale partners on Tuesday. Starting September 7th, the company is offering a no servicing fee set aside (SFSA) monthly LIBOR HECM with a margin of 225 to brokers and closed loan sellers. The new option should help brokers compete with […]
HousingWire is reporting the private placement offering of reverse mortgage loans lead by Bank of America Merrill Lynch received a AA rating from Standard and Poor’s on the $92 million of senior notes. The deal was the first private label reverse mortgage securitization seen in the market since the downturn. The sale also is important […]
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 […]
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 […]
