Seattle Mortgage Closing Reverse Mortgage Division

Less than a year after coming back into the reverse mortgage business, Seattle Mortgage said it will close the division by the end of February. An affiliate of Seattle Bank, the operation was hampered by the bank as it struggled to raise additional capital to appease federal regulators.  Reports show it’s close to raising $50 […]

Lawsuit Shows Bank of America Paid $220 Million for SMC Reverse Business

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 […]

Bank Faces Class Action Lawsuit Over Reverse Mortgage Practices

The Puget Sound Business Journal is reporting that Seattle Mortgage Co., a unit of Seattle Bank, has been hit with a lawsuit in California that claims illegal activities in its reverse mortgage business. According to court documents, the plaintiff, Mary Labrador alleges that Seattle Mortgage was illegally paying fees to its mortgage brokers and overcharging borrowers on […]

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 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 […]

More Lenders to Allow Reverse Mortgages on Second Homes

According to an article from HeraldNet we will start to see more lenders allowing borrowers to get a reverse mortgage on their second homes.  Bank of America who recently purchased the reverse mortgage business of Seattle Mortgage is expected to allow reverse mortgages for second homes once the purchase is complete next month.  “The demographics […]

Bank of America to Acquire Reverse Mortgage Business

Bank of America announced today that it has signed an agreement to acquire the reverse mortgage business of Seattle Mortgage Company, who is an indirect subsidiary of Seattle Financial Group, Inc.  SMC is the third largest producer of federally backed reverse mortgages and gives BOA a huge section of the reverse mortgage market. BOA has been piloting their own […]

Seattle Mortgage Lowers Reverse Mortgage Margin

Seattle Mortgage just recently made a change to their Independence Plan (SM) which is one of the new jumbo reverse mortgage  products on the market.  The standard Independence plan has a margin of 3.60% but now if the borrower is willing to keep their LTV a bit lower they are willing to cut the margin  to 2.10%.  “The […]

New Reverse Mortgage Checking Option

Seattle Mortgage has announced that their reverse mortgage borrowers will have the option to use QuickChecks (SM) to pay for everyday expenses.  Quick Checks (SM) allows reveres mortgage borrowers to write a check instead of having to fax in a request for funds to the servicer.  I think this is a great feature that you can […]