“Just like you, I thought reverse mortgages had to have some catch,” Selleck says in one ad. “Then I did some homework and found out it’s not any of that. It’s not another way for a bank to get your.
The Countrywide name will soon be gone for good. The WSJ announced that Bank of America, which recently acquired Countrywide, will discard the Countrywide name. Countrywide will now be rebranded as Bank of America Home Loans. Bank of America acquired Countrywide, a home mortgage lender, last July for .5 billion (the initial $4 billion deal [.]
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This type of loan can be expensive and reverse mortgage contracts are complicated. It’s interesting to note that big banks have gotten out of the reverse mortgage business. MetLife, Bank of America, and Wells Fargo, which used to be among the top issuers of reverse mortgages, have all exited the market.
There already are scads of real estate and mortgage websites that offer some type of automated home valuation feature, such as Redfin, Realtor.com, Chase Mortgage, RE/MAX, Homes.com, Bank of America.
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Bank of America BAC, +0.97% is also cleaning up its act. we are not in the Joint Venture business, we are not in the Reverse Mortgage business. We are not in the Mortgage Consolidation business,”.
Bank of America Reverse Mortgage was the nation’s second leading reverse mortgage originator with a market share of close to 10%, prior from its exit from the market. Bank of America Reverse Mortgage offered plenty of online information, tools, and calculators that helped seniors evaluate a reverse mortgage.
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Bank of America, which has a reverse mortgage servicing agreement with Ditech subsidiary reverse mortgage solutions, filed a motion in court Thursday objecting to the deal as it currently stands.
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Bank of America Reverse Mortgage Bank of America announced in February 2011 that they were exiting the reverse mortgage business. "We made the strategic decision to exit the reverse business due to competing demands and priorities that require investments and resources be focused on other key areas of our business," said Doug Jones, Consumer Sales and institutional mortgage services executive.
In fact, HUD’s mandates and guidelines might actually have gone too far, according to the nation’s two largest reverse mortgage lenders, Wells Fargo and Bank of America, both of which have tapped out of the reverse business entirely over the last few months, according to The New York Times.