Fannie Mae Pricing Brings More Diverse Investor Base

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 […]

Bank of America Cures Option Arm Defaults with Reverse Mortgages

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 […]

Top Wholesale Reverse Mortgage Lenders, Genworth’s Business Booming

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 Discontinues Fixed Rate Reverse Mortgage in Illinois

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 America Suspends Fixed Rate Reverse Mortgage Product in Illinois

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 Releases Reverse Mortgage Clarity Commitment

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 […]