On Wednesday night, Bank of America officially introduced its new fixed-rate HECM. The reverse mortgage product, a Fixed HECM 5.56, will be added to Bank of America’s current product offering of the Monthly Libor 225, Monthly Libor 250, Monthly Libor 275, Monthly Libor 300, and the Annual CMT 600. Bank of America also added new disclosures to their application packages. From now on, all application packages for Bank of America loans will include:
– HECM Reverse Mortgage Product Disclosure
– Important Disclosure: Your Payment of Property Charges
– General Questions Regarding HECM Reverse Mortgage Loans
Included in Fixed-Rate Packages Only:
– Truth in Lending Disclosure
– Home Mortgage Disclosure Act (HMDA)
The Bank of America fixed rate product has been highly anticipated for some time, and will hopefully help lower the procesing times for fixed rate loans throughout the industry.
More information can be found in the official press release: 2009-8-18-fixed-rate-release