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Bank of America told employees it’s leaving the reverse mortgage organization on Friday.
The company left the “forward” wholesale business last year, but in the time, told RMD it remained committed for the reverse mortgage wholesale channel. Rumors started swirling early Friday and RMD confirmed with a number of individuals inside the firm that it’s leaving all channels (wholesale, correspondent, retail).
A spokesperson for BofA told RMD inside a statement that it is closing the operation to concentrate on its core mortgage enterprise and is moving the operational unit into other vital locations serving buyers.
In the height of the genuine estate marketplace, I recall driving previous a Bay Region billboard for an apparently conservative monetary advisory firm that read something like: “Your residence isn't a retirement plan.” At the time, the reference was for the then-common practice of home owners in the region forgoing saving and investing, and banking instead on becoming ready to money out wads of house equity to fill their emaciated retirement coffers.
Bank of America announced these days that they are going to exit the reverse mortgage organization. This comes as a surprise to many, specifically given that they paid about $220 Million for Seattle Mortgage to obtain in to the enterprise in a huge way in 2007. Bank of America has been recognized to enter and exit various aspects in the lending business more than the years, opening and closing their wholesale and correspondent channels at various times inside the previous (these are the locations that function with mortgage brokers and modest mortgage bankers). Bank of America had currently closed their mortgage wholesale channel once again last December for traditional or forward loans, but at that time they announced that they would continue to stay active within the reverse mortgage arena. Apparently, their plans abruptly changed.
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