Announced around 2:00 Central Time today....

Bank of America is closing down their whole lending department.....Cutting 3000 jobs.... Plans to focus more on their retail division.

As I was communicating with one of their wholesale reps last night and this morning, I can assure you that they didn't see this coming!!! My rep had a big meeting this morning and was to get with me this afternoon. I got the news before she could....

BofA's Whosale Lending dept was pretty poor anyway. It took 3  times longer to get files thru their system than it did with other banks at times. Although, they did have some pretty cool products and pricing. Their retail division is a smoother operation from what I hear.

Look for a new set of feet on the street as these jobs cannot all be absorbed in other divisions.

What does this mean for Realtors? It means that your mortgage broker/banker just lost a few good tools(even though most of their rates and programs overlap with many banks). BofA still offers many loans through their Retail Branches. One good Retail Loan Officer in the Dallas, TX area is Ken Stampe.

Official Broker Communication <= This is the announcement to brokers. But there were other snippets of info on Bloomberg and others about the profitability of the Business Unit.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan For Every Texan"

http://www.dallasloanguy.com/

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