The Office of the Inspector General for the U. S. Department of Housing and Urban Development’s (HUD) reviewed Bank of America’s home equity conversion mortgage (HECM) servicing division in Seattle, Washington and found that the servicer did not comply with two HUD requirements in its administration of HECM loans. According to the report, Bank of […]
Category: Bank of America
Over the weekend the Connecticut Post published an article about how one 64 year old woman who decided to use a reverse mortgage to manage her her escalating property taxes and mortgage payment and couldn’t be happier with the results. Lewis borrowed about $230,000, a portion of which went toward paying off her mortgage and […]
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 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 […]
When Bank of America completed the purchase of Countrywide in July, there was no mention of what would happen each companies reverse mortgage mortgage divisions. If you take a look at last months HECM endorsements, Countrywide was the third largest originator of HECMs and Bank of America was fifth. Together the two companies become the […]
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 […]
What would you do after selling your reverse mortgage business to Bank of America? In times like these the decision is tough, but after selling servicing rights on about 40,000 reverse mortgages totaling $4 billion you should have a few options. With the housing market in the dumps Seattle Savings Bank (SSB) is taking profits […]
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 […]
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 […]
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 […]
