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Bank of America has exited from the Home Loans reverse mortgage origination business and moved the unit's operational resources into other critical areas serving customers.

Bank of America Home Loans Consumer Sales and Institutional Mortgage Services executive Doug Jones said that the bank has made the strategic decision to exit the reverse business due to competing demands and priorities that require investments and resources be focused on other key areas of the business.

However, the Bank of America Home Loans will continue to serve the needs of existing reverse mortgage customers and those with loans in process.

The bank said that the exit from reverse mortgage is an additional step in the efforts of the bank to focus on its core mortgage operations.

In 2006, the Bank of America Home Loans entered the reverse mortgage business and expanded its presence in 2007 following the acquisition of Reverse Mortgage of America in 2007 and Countrywide Financial Corporation in 2008.

BBR Staff Writer Published 07 February 2011