According to several sources contacted by the Reverse Review, Bank of America (BofA) is preparing to officially announce their plans to close their reverse mortgage divisions in all channels: retail, correspondent and wholesale.
Although BofA has yet to release an official statement and has not responded to requests for comment, several industry insiders have confirmed that they announced their plans to employees and select partners today.
Last year, BofA closed their wholesale channel for forward mortgages, but at the time, announced an on-going commitment to the reverse channels.
Few details are currently available, and this report has yet to be official confirmed by BofA. Additional details will be released as they become available.