"It is with great sadness that Bank of America has decided to exit the Wholesale Business." That was the memo we received today directly from Bank of America Wholesale.
As a mortgage professional, I get asked all the time now about different lenders. "Are they going to be around much longer???" People are nervous, and when they hear news like this they think the sky is falling. The truth of the matter is that we rarely used them anyway. Most of the lenders that have dropped off the map where either subprime or not competitive.
Comforming lending, Fannie Mae and Freddie Mac loans, and government backed loans, FHA and VA, are strong and priced great. I hate that consumers are getting scared half to death by all this doom and gloom because there has never been a better time to buy a home! When a store puts products on sale and offers low interest financing... people go shopping. When stocks or real estate go on sale, people get nervous and stop spending money! We need to educate the public that now is the time to buy!