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Countrywide Acquired By Bank Of America

In what will probably be the biggest merger of the year in the mortgage industry, Bank of America has purchased Countrywide Financial Co. at the tune of $4 billion.

I have blogged about the various articles that have been released today about this acquisition in my Loan Officer Tips blog. I would love to hear your comments on this since it will be one of the major factors in the overall economy throughout the year.

Here is a direct link: www.LOTrainer.com

I look forward to hearing from you!

Posted by Andrew Scherer - Reverse Mortgages (NRMLA) on 01/11/2008 03:54 PM

Comments (9)

loan, officer, tips, training, marketing, sales

9 Comments on Countrywide Acquired By Bank Of America

JAN

2008

my CW lender was in denial this morning, dismissing it as rumor, despite what I told him. I am VERY curious to see how this impacts the day to day operations of his business, and thus my business

Countrywide saved by the Bell. Just about to be bankrupt and out of business, this will help from the national media running big negative stories had Countrywide gone under, for all of us in the real estate industry we've all been saved by Bank of America. We dodged a media bullet.

Sean - it's a sad day when something like this happens. People don't like change, but there is going to be a lot of change going on in the overall industry rather soon! Feel free to get on my Loan Officer Training blog and find out what I wrote about this situation, and thanks for the comment.

Alan - I completely agree with that, and you are already starting to see the media swing other negatives towards us with regard to this. Thanks for the comment!

Hmmm, so I wonder how this will impact me. I do a lot of work for Countrywide through their subsidiary appraisal management company (AMC), Landsafe. Unfortunately, they are one of my main clients, and if they stop being in business, this could really hurt! I'm hoping that Landsafe will remain, as BofA does not have it's own AMC and sends their appraisals to a number of different AMC's. Hopefully, Landsafe will take over a bunch, if not all of BofA's appraisal work, then this could actually help me into the future!

When so many appraisers are having trouble finding work, Countrywide/Landsafe has been my saving grace, hopefully this will all work out for the best....I love working with Landsafe, no pressure to hit numbers is a fresh break from some of the mortgage broker work out there. Hope it continues.