BANK OF AMERICA SHUTS DOWN MORTGAGE WHOLESALE DIVISION
Bank of America announced this month that they are exiting (once again) the wholesale mortgage business. Bank of America surprised many in the industry by re-entering the wholesale mortgage business shortly after acquiring Countrywide Home Loans. Bank of America will no longer accept mortgage broker business. This will create great opportunities for other wholesale mortgage banks as the world’s largest bank throws in the towel.
"Bank of America remains committed to purchasing and financing loans from Correspondent Lending clients, including those approved to originate loans from brokers. We intend to build upon our leadership position in the market to provide enhanced liquidity to the smaller financial institutions and independent mortgage companies that supply mortgages as our correspondent clients." – Statement from Bank of America
Bank of America will still offer mortgages at inflated rates at any one of their thousands of “retail” banking locations.
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Where is there opportunity here?
P.S. More about the same:
http://www.homesalessandiego.com/blog/bofa-goes-direct-to-consumer/
Bank of America announced this month that they are exiting (once again) the wholesale mortgage business. Bank of America surprised many in the industry by re-entering the wholesale mortgage business shortly after acquiring Countrywide Home Loans. Bank of America will no longer accept mortgage broker business. This will create great opportunities for other wholesale mortgage banks as the world’s largest bank throws in the towel.
"Bank of America remains committed to purchasing and financing loans from Correspondent Lending clients, including those approved to originate loans from brokers. We intend to build upon our leadership position in the market to provide enhanced liquidity to the smaller financial institutions and independent mortgage companies that supply mortgages as our correspondent clients." – Statement from Bank of America
Bank of America will still offer mortgages at inflated rates at any one of their thousands of “retail” banking locations.
***************************************************
Where is there opportunity here?
P.S. More about the same:
http://www.homesalessandiego.com/blog/bofa-goes-direct-to-consumer/
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