As more lenders continue to release updated products to remain competitive in the marketplace, Bank of America announced a few changes to its reverse mortgage products. “Bank of America is dedicated to offering products that are most beneficial to the customer,” said the company in a message to brokers late week.
Effective Monday, April 5, Bank of America joins MetLife and others by offering a fixed rate HECM with a $0 servicing fee at 5.56%.
The company also updated its LIBOR product offering by lowering monthly margins to 175 and 200, from 225 and 250 respectively. The adjustable rate LIBOR products require a minimum servicing fee of $30 said Bank of America.
The company said it intends to maintain pricing for the LIBOR 225 and 250 to both our closed-loan and broker partners through April 9, 2010 (last day to lock). Any unlocked loans in the pipeline will require a re-disclosed GFE and MBFA in order to be eligible for any price improvement.
