B of A…or B of Nay?

September 1, 2011 — Leave a comment

who needs bank of america anyway? wall street journal broke the news our firm had been following and preparing for over the last 120 days.  BofA intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus. so, what does this mean to you, the real estate community, the lending community, and the buyer/refinancer community? as far as our firm is concerned….it means business as usual.  although BofA’s correspondent division made up 25% of the market (thousands of mortgage lenders use BofA’s correspondent channel), the great preparation and foresight our management team has taken over the last 120 days to assuage the pain has positioned us to sail peacefully right through this storm.  the next question, of course, is ‘what does this mean for lenders in general’.  although our firm saw the writing on the wall and took drastic measures to shore up alternative channels i cannot speak for others.  should a lender be caught ill-prepared you should expect delayed closings (to say the least). i’m happy to address any specific questions you may have regarding this (including the definition of a correspondent lender 🙂 )……simply email me and i’ll gladly respond.

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