Bank of America Wholesale Shutting its doors!

By
Mortgage and Lending with Prime Processors, Inc.

Rumor is that effective Jan 1st 2008 Bofa wholesale will no longer exist.  Told the new loan registrations will on be available for the next 30 days.

This rumor is looking legit.  Confirmation expected later today.  Will post confirmation when received.

 3,000 employees laid off today.

 

The rumor is currently comming from Wholesale AE's who received the news this morning.

Comments (10)

David Conaway
MetLife Home Loans - Bethesda, MD
Link? 
Oct 25, 2007 06:11 AM
Prime Processors, Inc.
Prime Processors, Inc. - Winter Garden, FL

http://www.iht.com/articles/2007/10/25/business/boa.php  Layoffs. 

Still looking for official confirmation from Bofa on wires for wholesale division shut down, but all AE's are confirming and they are usually the last to know.

Oct 25, 2007 06:22 AM
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

I had heard that this was going to happen about a week ago.  This is not looking good for mortgage professionals.

Oct 25, 2007 06:24 AM
Prime Processors, Inc.
Prime Processors, Inc. - Winter Garden, FL

http://ml-implode.com/imploded/lender_BankofAmerica_2007-10-25.html

This by no means a confirmation.  But.....

Oct 25, 2007 06:42 AM
Lewis Poretz
Apex Home Loans - Annapolis, MD
Business Development Manager
I have my top 5 investors totally believe will stay committed to the wholesale channel. My belief is Countrywide, IndyMac and National City possibly follow in the same direction B of A headed.
Oct 25, 2007 06:52 AM
Anonymous
Mr.Mortgage@comcast.net
My AE just confirmed he was notified a couple of hours ago. 1pm EST
Oct 25, 2007 06:57 AM
#6
Anonymous
Grabber

Now I understand why Angelo said that Countrywide does certain things better than BofA, and vice-versa.  He illuded to a partnership between CWF and BofA.  That would explain why BofA dumped millions into Countrywide wholesale recently.  Very interesting.

Oct 25, 2007 07:50 AM
#7
Anonymous
Dean Higuchi

Anybody have the BofA email you can forward me?

dhiguchi@rivierafunding.com

Oct 25, 2007 08:38 AM
#8
David Conaway
MetLife Home Loans - Bethesda, MD
I wouldn't really call it a "partnership".  If you think the earnings (or losses) for the "houses" yesterday we're bad wait 'til Friday.  My guess is we will see a resignation of a CEO and an acquisition rather than a "partnership".  Countrywide stated last Qtr that they're moving away from the wholesale side.  Clearly I'm just speculating.
Oct 25, 2007 08:40 AM
Richard Sweum
1st Security Bank - Everett, WA

Well, it happened.  I think they are working on some acquisition opportunities like CW, however, CW does do risky loans which is not BofA's forte.  I don't think that they really want that portfolio for buy-back reasons.

We'll see.  CW will be hitting the pink sheets tomorrow.

Oct 25, 2007 11:49 AM