The consolidation of Bank of America and Countrywide’s reverse mortgage business will be complete on April 27, said a statement from Bank of America. Additionally, on the same day, the company anticipates that Countrywide Bank, FSB will be fully merged with Bank of America.
The wholesale channels for forward and reverse mortgages will be managed separately but both will operate under the Bank of America Home Loans brand said BofA’s spokesman.
The combination of the two companies makes Bank of America the 2nd largest retail reverse mortgage originator according to data from Reverse Market Insight. In 2009, the company endorsed 2,731 HECMs and has 9% of the total market share which is up from 5.5% in 2008.
Bank of America has over 6,100 retail banking offices throughout the US and it will be interesting to see how the company will work that into its retail reverse mortgage business.
