October 12th, 2010 10:18 AM by Preston Ware
Last week we heard news that Bank of America was closing its doors to the wholesale channel. In a way, this is bad news for mortgage brokers who enjoyed their service through the years. Bank of America had purchased the wholesale platform once owned by Countrywide and along with it a lot of great workers who actually did care about quality timely service delivery.
Will this make a major impact on the mortgage world? No
Did they have the best rates? No
Did they have the best service? No
It is just a shame to see another lender source fall by the wayside as did Chase wholesale a few years ago. These companies truely are the 800 lb guerillas and have decided that they are so ginormous that they are better off doing a better job of managing their retail operations and simply purchasing blocks of mortgages on the secondary markets when they are in need of more loans to service.
We will miss Bank of America but certainly another lender will come in and fill their shoes.