Bank of America Expands Reverse Mortgage Suite to Southeast

Until now, Bank of America has laid low on the reverse mortgage front ever since the acquisition of Seattle Mortgage was completed.  BofA recently announced that they are expanding its consumer reverse mortgage business to the Southeast, where it’s now offering its Senior Equity Reverse Mortgage™ Suite of products. “Our new combination of proprietary products […]

Reverse Mortgages Get More Love From The WSJ

The Wall Street Journal has written two articles about reverse mortgages in the last week and the second discusses some of the new product offerings that have become available. The article references Lender Lead Solutions new Simple60 as well as the new LIBOR products that have recently been rolled out. I’m out in San Diego […]

Big Firms Want Big Reverse Mortgage Footprint

An article from Investment News discusses some of the recent reverse mortgage acquisitions and why the purchases have all been made in the last six months.  “It’s the right opportunity, right time given our core mission,” said Ron Cordes, chairman of AssetMark Investment Services Inc., a Pleasant Hill, Calif.-based subsidiary of Genworth. “From accumulation to distribution, […]

Vertical Lend Plans to Become World Alliance Financial

According to an article recently published by National Mortgage News, David Peskin, CEO of Vertical Lend said that the company is slated to be renamed World Alliance Financial.  The announcement comes after KBC Bank agreed to buy Vertical Lend, a reverse mortgage retail/wholesale lender and lead aggregator based out of Melville, NY.  “We believe that […]

Bank of America’s Senior Equity Maximizer

A few weeks ago Bank of America completed the acquisition of Seattle Mortgage’s reverse mortgage division.  Before the purchase, BofA started originating reverse mortgages through a pilot program they started in Arizona.  The  program offered the standard HECM products as well as a proprietary product called the Senior Equity MaximizerTM.  Recently Realty Times wrote that, “Not only does it have a high maximum loan […]

Bank of America Completes Seattle Mortgage Acquisition

According to a press release issued on June 29th, Bank of America has completed the acquisition of Seattle Mortgage’s reverse mortgage division. BofA made the announcement to acquire Seattle Mortgage back in April. Colin McCormick, BofA’s Reverse Mortgage Product executive commented, “Seattle Mortgage has been the gold standard in the reverse mortgage industry. We are […]