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Texas Home Loan Blog

Blog by Tom Buris
Richardson, Texas

Discussions about Mortgage Lending and how changes will affect Realtor Partners. Keep up to date with changes in the mortgage industry.

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RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!
Our office is intrested in signing up with Bank of...
RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!
Quoting vikassinghania: Our service commitmen...
RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!
Our service commitment is second to none. We work...
Mortgage Loan
Bank of America is all doing to support the fallin...
RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!
 retail is one of the booming sectors in the...

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Bank of America Corp. is exiting the Wholesale Mortgage Business!!

Dec. 15, 2007

 

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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Texas Home Loans

User Comments

1. RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!

Written by: battery
Jun. 26, 2008
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2. RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!

Written by: swapnil
Mar. 19, 2009

 retail is one of the booming sectors in the world but bank must have to do something for the lending department too.

3. Mortgage Loan

Written by: jimmy adams
Jun. 4, 2009

Bank of America is all doing to support the falling economy.Mortgage loan is a loan which uses real estate as a security. The mortgage loan is an agreement to deposit a home or other real estate as security. A borrower can either obtain this loan directly from the lender, or sometimes consult mortgage brokers who are more experts in handling the whole process well. This unit analyses the financial situation of the borrower and provide them the most suitable lenders. It is relatively better to let experienced brokers handle your home mortgage loan. Read More           http://www.allfinancialservices.net

4. RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!

Written by: vikassinghania
Jun. 12, 2009

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5. RE: Bank of America Corp. is exiting the Wholesale Mortgage Business!!

Written by: vikassinghania
Jun. 12, 2009

Quoting vikassinghania:

Our service commitment is second to none. We work with our clients to ensure they understand their options, know exactly how much they can borrow and ensure they choose the right loan and the right lender to suit their needs. Smartline has helped hundreds of clients since we opened.

In fact over 85% of our business comes as a result of recommendation from past clients. Find out for yourself why we are so highly regarded.

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