Reverse Mortgages: Integration of BofA and Countrywide Almost Complete

The consolidation of Bank of America and Countrywide’s reverse mortgage business will be complete on April 27, said a statement from Bank of America.  Additionally, on the same day, the company anticipates that Countrywide Bank, FSB will be fully merged with Bank of America.   The wholesale channels for forward and reverse mortgages will be managed […]

Bank of America Offers LIBOR Reverse Mortgage Product

Bank of America recently announced that they will be offering LIBOR based reverse mortgage products to wholesale brokers.  According to the announcement, Bank of America still believes that the CMT index is better for you and you customer but they realize the spreads between LIBOR and CMT are volatile and may reverse course in the […]

Bank of America Discontinues Reverse Mortgage Advisor Program

Bank of America (BOA), a leading Reverse Mortgage wholesale Lender, discontinued it’s Broker Advisory program last week, August 15, 2008. The program suspension is directly related to passage of the Housing and Economic Recovery Act, the landmark legislation that will ultimately have a revolutionary impact on the mortgage industry based on the more we learn […]

How Much Would You Pay For A Reverse Mortgage Lender?

Reverse mortgage lenders are hot right now. Even with all of the negative press our industry has received over the past few months, companies are still acquiring reverse mortgage lenders. I cant say I’m surprised either… as we all know succeeding in the reverse mortgage business requires a different approach than the forward world and […]

Need A Jumbo Reverse Mortgage? Make It A Double

As the credit crunch spreads into the proprietary reverse mortgage business, it is beginning to cause issues for both originators and borrowers with dwindling options for these products. Welcome to the land of the Double Application. Many loan originators have begun having to originate two reverse mortgages at the time of application never knowing if […]

Baby Boomer Banking Trend

Interesting clip from the Today Show this morning that discusses how some banks are targeting the baby boomer market with tailored accounts.  NBC’s Jean Chatzky reported that banks like Wachovia and Suntrust have released checking accounts  to attract people 50 years and older.  According to Chatzky, the fees for these accounts are typically lower than […]