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 reverse mortgage products with customers in Arizona since November of this year. According to David Rupp, BOA Home Equity Executive who will oversee the integrated operation, “We will leverage Seattle Mortgage’s industry expertise with Bank of America’s leading distribution channels to achieve market leadership in this growing area of the financial services marketplace.” Along with a reverse mortgage portfolio of over $4 billion in outstanding balances, approximately 400 SMC employees will join BOA as well as a retail sales force of more than 200 sales associates in 25 states.
There was no word on any of the financial details of the transaction and according to the press release the deal is expected to close in the second quarter of 2007, pending regulatory approval.
To read a copy of the press release click the link below
Bank of America to Acquire Reverse Mortgage Business of Seattle Mortgage Company
Technorati tags: Reverse Mortgage, Bank of America, HECM, Senior Finance
9 responses so far ↓
Bank of America to Acquire Reverse Mortgage Business : Arizona Mortgage Guru // April 26, 2007 at 5:24 pm |
[...] has been pilread more | digg [...]
Russell Checchin // April 29, 2007 at 9:08 pm |
Good reading thanks
Ted B. Utler // July 5, 2007 at 1:02 am |
Many mortgage brokers in turn broker on behalf of Seattle Mortgage.
loyuvoqafucn // July 27, 2007 at 5:27 pm |
loyuvoqafucn
nice post
Wiilysfnd // December 1, 2007 at 3:04 am |
You have the natural advantage in creditor debt program settlement , which may be appropriate for debtors with …
Great Solution
Lee Matthews - Financial Concepts West // December 14, 2007 at 7:39 pm |
“Bank of America announced today that it has signed an agreement to acquire the reverse mortgage business of…”
Bank of America would be far better to help folks accelerate their home equity using Home Equity Lines of Credit rather than adding to their reverse mortgage business. They would help far more of their customers that way…
Today’s Real Estate market means that folks can no longer count on appreciation to build home equity. Those who realize that they need to pay down their current mortgage debt are looking for alternate ways to aggressively (yet safely) build equity.
And they’ve discovered a perfect online system to do that; they can focus on their wealth accumulation goals while accelerating their equity simply by using a Home Equity Line of Credit (HELOC) to ‘power’ their program.
A typical 30 year loan (of whatever type) can be paid down in 1/3 to 1/2 the time — it’s a great way to save *huge* amounts of income by eliminating a mortgage amortization schedule’s front-end interest load. (On million-plus dollar homes, I’ve personally seen where this particular financial solution will save the homeowner $750,000 in interest charges!)
And the best thing – homeowners don’t have to refinance their existing mortgage or make (little or no) adjustments to their lifestyle.
I’d be happy to provide further details…
Idetrorce // December 15, 2007 at 9:41 pm |
very interesting, but I don’t agree with you
Idetrorce
RefinancingTips // April 28, 2008 at 9:24 pm |
Great read. I think I’ll subscribe to this as it has some good info! Thanks. I do apppreciate the blog
Mortgage Laon // June 4, 2009 at 11:34 pm |
Reverse mortgage is a good opportunity for old couples of USA.But mortgage loan is better option for all others people.