Bank of America to sell its lender arm

By
Managing Real Estate Broker with ERA American Real Estate
https://activerain.com/droplet/hJ8
Bank of America may wind down correspondent lending if sale fails
by JON PRIOR.
 
 
I received this article today and looking at it BOA has a  layout of the future lending branch for Bank of America.
They have stated they are planning to sell their lending business.
 
 
"we have made the decision to exit the correspondent mortgage lending division."
 
 
While this should bring on a new group of listings if you are not with Bank of America as a listing agent here is a little information.
 
 
 
 
 
 
 
 
In order to list BAC Reo properties you have to be an approved BAC agent. Unfortunately, we do not have a current need for additional agents in the area you service. We are only adding agents to our network on an "as-needed" basis. The best thing to do is to ensure you have an active profile in REOTrans. REOTrans is the system we use to manage our REO properties, as well as locate new agents. Below you will find additional information about this system.

In order for you to be considered for addition at a future date, you will need to create a free profile at www.reotrans.com, which will provide you with the ability to transact directly with BAC Home Loans Servicing, LP. utilizing this system. If you already have a REOTrans profile you will not need to do anything else at this time.

If you have any questions about REOTrans or their REO Workstation please feel free to contact their support line via telephone directly at 310-469-9017 or via email at support@reotrans.com

For any additional questions, please feel free to email REMBrokerCommunication@bankofamerica.com

Thank you.

REO Vendor Management
BAC Home Loans Servicing, LP


Where to send your REO Package:

Countrywide home loans

attn: reo dept broker program

ptx-c-30

7105 corpate dr

plano tx 75024

 

Online sign up list

 https://realestateagent.bankofamerica.com/baapp.aspx

 

LandSafe Valuation Services
BPO Fulfillment
BPOHelp@bankofamerica.com
BPOHelp Phone: 866-301-8323

 

Field Services Center

We are committed to preserving neighborhoods where we have Bank of America serviced properties. If you know of a Bank of America serviced property in need of assistance or to report property conditions, please let us know.
Posted by

Brandon Jordan, Realtor,E-PRO,ERA American Real Estate

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Brandon Jordan
Sr Vice President
ERA American Real Estate
Cell- (850)-758-1236
Fax- (850)-682-9439
Buy A Florida Vacation Home.com

"We provide this information and much more on our site for you 
at no charge, so please remember us when you're looking to buy
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Rainmaker
1,005,088
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Brandon, I am sorry, but Bank of America ought to sell its "lender arm," its other arm, both of its legs, and maybe its head along with them.  How can any business ever recover from the reputation they have amassed ?

Aug 31, 2011 03:15 PM #1
Rainmaker
418,351
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN

I think the biggest impact will be on the smaller lenders who use them for their 203K's.

Aug 31, 2011 03:30 PM #2
Rainer
482,918
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

Karen, Think your comment was funny... Thanks for the post, Brandon!

Aug 31, 2011 03:41 PM #3
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