Bank of America Names New Executive to Lead Reverse Mortgage Business

November 1st, 2010

Bank of America has named Jesse Allen as the new head of its reverse mortgage business according to a company spokesperson.

Allen previously served as its reverse mortgage national retail sales executive and will succeed Steve Boland as the bank’s executive in the division.

BofA tells RMD that Boland was named to lead a new mortgage services group with its Global Wealth and Investment Management (GWIM) division.

The new group — recently announced jointly by Dean Athanasia, head of GWIM Banking and Merrill Edge, and Craig Buffie, sales fulfillment executive for Bank of America Home Loans – is part of the bank’s strategy to leverage its leadership across business lines to develop compelling product and service offerings. The new team will provide strategic direction and a single integration point for the GWIM standard mortgage business, both conforming and non-conforming said the company.

Bank of America made quite an entrance into the industry when it purchased Seattle Mortgage’s reverse mortgage division in 2007 for $220 million. As part of the deal, the bank acquired a portfolio of over $4 billion reverse mortgages, approximately 400 SMC employees as well as a retail sales force of more than 200 associates in 25 states.

After the acquisition, Bank of America has grown the business into the second largest retail and wholesale reverse mortgage lender in the country according to data from Reverse Market Insight.

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