Due to “competing demands and priorities that require investments and resources be focused on other key areas of…business,” Bank of America has announced that it will be pulling out the reverse mortgage origination business. The decision follows in the wake of much bad press from around the country as BofA finds itself under attack in many states questioning the care with which the lender deals with its conventional mortgages.
Although a U.S. District Court recently cleared BofA to continue foreclosures in Nevada after a Nye County District Court judge issued a temporary restraining order that blocked nearly 9,000 foreclosures in the state, the lender has continued to battle negative publicity and consumer opinion.
Although BofA will no longer originate reverse mortgages, it will continue to service its existing reverse mortgage customers and proceed if loans are already in process. BofA was the first servicer to voluntarily suspend foreclosure sales during the robo-signer debacle – as it turned out, with good cause in some cases – and the lender hopes that narrowing its lending focus on “core mortgage operations” will solidify “the company’s leading position in mortgage finance.” At the same time, BofA also hopes to further improve mortgage modification programs and resolve “legacy mortgage issues.”
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