BoA Buying Reverse Mortgage Biz

Bank of America, Charlotte, N.C., has announced an agreement to acquire the reverse mortgage business of Seattle Mortgage Co., the third-ranked producer of federally backed reverse mortgages, for an undisclosed price.Approximately 400 associates from Seattle Mortgage, an indirect subsidiary of Seattle Financial Group Inc., will join Bank of America, including a retail sales force of more than 200 associates in 25 states and the District of Columbia, BoA said. John Nixon, executive vice president and chief operating officer of Reverse Mortgage of America (a division of Seattle Mortgage), and Charlie Jones, vice president of loan servicing at Reverse Mortgage of America, will join BoA. According to the Department of Housing and Urban Development, Seattle Mortgage is ranked third nationally among providers of Home Equity Conversion Mortgages, the reverse mortgage program of the Federal Housing Administration. BoA can be found online at http://www.bankofamerica.com.