Special offer

Bank of America shutting down wholesale - click the link ~~~

By
Mortgage and Lending with Apex Home Loans NMLS #369577

 

 CLICK BELOW LINK

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

This to me should be the biggest news off the mortgage press in some time. Bank of America always had great pricing and efficient service as a wholesale channel. This news comes as some have predicated. The big Banks may all roll up the carpets on wholesale and focus on retail originations.

I have never had a problem pricing against any Bank of America retail products. They are typically 3/8 - 3/4 off in pricing / rate. I anticipate other wholesalers pulling back just as B of A has. Lenders that come to mind are National City, M & T, Wachovia, Chase, Countrywide, Wells Fargo, Citibank and IndyMac.

I think this is the new business model for the larger banks. At least until the market settles and then the same old players, ones that are supposedly "imploded", will emerge yet again. I suspect many will follow B of A and some will stay involved in wholesale hoping to be the "last man standing", which happens to be my business philosophy at Open Mortgage. 


Posted by

 NMLS ID - 369577

MORTGAGE ADVICE - PROBLEM SOLVER 

High Quality Advice - Proven Results

             

contact me directly - 301-332-9540

email me directly - lewisporetz@gmail.com 

"I am not in the mortgage business - I am a highly skilled mortgage banker who is in the customer service business."

 

John MacArthur
Century 21 Redwood - Washington, DC
Licensed Maryland/DC Realtor, Metro DC Homes
Lewis - The implosion continues. I hope you can remain standing tall amidst the devastation around you. I do believe that when the dust settles, there will only be two or three major players and wholesale will part of their model. I think that they will have restrictions on those they deal with.
Oct 25, 2007 07:00 AM
Anonymous
Jon Loren

In the 21st Century walking down the Red Carpet, all the way realty executives commented on how to

receive the "max".  One even remaxed that bankers with that Coldwell look actually understood that

in the reality world one must be commissioned to receive www. MLSPrintouts.com and do

http://www.homesearches.com/  for listings to show and know how to do   LoansandHomes.com   

in this new era and the "best" way was to act was in a  prudential manner and know homevalues in

 neighborhoods with  internet real estate  and watch out for lending trees that lean too hard &  that

are not 100%  reliable; so the "best" position to take was with a  local  real estate broker  on an  Old

Wells Fargo  "stage"  or  better yet in a new  "GMAC"  to impress the buyers and sellers  you really

were    " A Real Estate SuperStore,Inc".    out to professionally help from the  1st American  to the

last whether online or personally to serve the "real estate industry" ; which,  from the builders to the

Lenders to the Real Estate Agents & Brokers that have created the "finest" housing  for the average

person ever seen in the "history of the "world" in a country only a few  100yrs., old  with liberty and

justice and opportunity for one and all if only the "citizens" wake-up to it "all"( Before, the "BANKERS"

sich the "DOGS" (FTC) to kill the (Industry) so they can start hiring and mak clerks of the

Agents/Home & Loan Brokers and  CONTROLL THE REAL ESTATE<SECURTIES, & BANKING as they did

in the "Depressionb" piror to the    Glass/Stegall Bill  Thank You ,Jon Loren -Pproud to be

a "American" from sea to shining sea~~~God bless~~~and keep us  "one"  and "all"~~~that's why

this was created as a  "republic"~~~and not  any other form of government; If, only "we"  can

remember ~~~better to "die "Free" than "live"   a  "life" as a "serf(Slave)".(please, add comments)

The above was taken from Thomas Jefferson *&* Benjamin Franklin : Who said the "BIGGEST

THREAT to "FREEDOM" would come from the "BANKERS" nerver a "FOREIGN POWER" (READ the

"HOUSE of  ROTHCHILD"  Amazon.com   or Barnes and Noble or other leading "BOOKSTORE"  

And Author Anthony Sutton (Who just passed(God Bless this "GOOD" Man) a West Virginia Professor)

This is why we have a Consitution *&* Bill of Rights and a clause to "KEEP *&* BEAR ARMS" to

protect and keep our "Little Republic" -The Beacon of Light to the Whole "World"

*****************America this is but a "POEM" -It is "TIME" to wake -up and form Tea Parties

(With a KICK) and FORM "NEW" Political Parties-And start over adhering to the "Consitution *&* And

the Bill of Rights and    "BEAR ARMS together to overthrow "THE $$$$Money$$$$ Changers(BANKERS

*&* POLITICANS)  from their "GREED" *&* Control of the Media using as a Guiding "LIGHT" our

Consitution and -Bill of Rights and the Books *&* Booklets by our Founders and pass this information

thru "My Space"  "Facebrook"  "U-Tube" and All the "Blogs of "AMERICA" as they did in "1776"

Please ,someone put tis on

U-Tube-FaceBook-MySpace -As I am "OLD" and do not for the most part know "HOW" to use the

"MODERN" strength of communication -Thank You ,Jon Loren

Apr 11, 2009 11:26 AM
#2
Anonymous
Jon Loren

In the 21st Century walking down the Red Carpet, all the way realty executives commented on how to

receive the "max".  One even remaxed that bankers with that Coldwell look actually understood that

in the reality world one must be commissioned to receive www. MLSPrintouts.com and do

http://www.homesearches.com/  for listings to show and know how to do   LoansandHomes.com   

in this new era and the "best" way was to act was in a  prudential manner and know homevalues in

 neighborhoods with  internet real estate  and watch out for lending trees that lean too hard &  that

are not 100%  reliable; so the "best" position to take was with a  local  real estate broker  on an  Old

Wells Fargo  "stage"  or  better yet in a new  "GMAC"  to impress the buyers and sellers  you really

were    " A Real Estate SuperStore,Inc".    out to professionally help from the  1st American  to the

last whether online or personally to serve the "real estate industry" ; which,  from the builders to the

Lenders to the Real Estate Agents & Brokers that have created the "finest" housing  for the average

person ever seen in the "history of the "world" in a country only a few  100yrs., old  with liberty and

justice and opportunity for one and all if only the "citizens" wake-up to it "all"( Before, the "BANKERS"

sich the "DOGS" (FTC) to kill the (Industry) so they can start hiring and mak clerks of the

Agents/Home & Loan Brokers and  CONTROLL THE REAL ESTATE<SECURTIES, & BANKING as they did

in the "Depressionb" piror to the    Glass/Stegall Bill  Thank You ,Jon Loren -Pproud to be

a "American" from sea to shining sea~~~God bless~~~and keep us  "one"  and "all"~~~that's why

this was created as a  "republic"~~~and not  any other form of government; If, only "we"  can

remember ~~~better to "die "Free" than "live"   a  "life" as a "serf(Slave)".(please, add comments)

The above was taken from Thomas Jefferson *&* Benjamin Franklin : Who said the "BIGGEST

THREAT to "FREEDOM" would come from the "BANKERS" nerver a "FOREIGN POWER" (READ the

"HOUSE of  ROTHCHILD"  Amazon.com   or Barnes and Noble or other leading "BOOKSTORE"  

And Author Anthony Sutton (Who just passed(God Bless this "GOOD" Man) a West Virginia Professor)

This is why we have a Consitution *&* Bill of Rights and a clause to "KEEP *&* BEAR ARMS" to

protect and keep our "Little Republic" -The Beacon of Light to the Whole "World"

*****************America this is but a "POEM" -It is "TIME" to wake -up and form Tea Parties

(With a KICK) and FORM "NEW" Political Parties-And start over adhering to the "Consitution *&* And

the Bill of Rights and    "BEAR ARMS together to overthrow "THE $$$$Money$$$$ Changers(BANKERS

*&* POLITICANS)  from their "GREED" *&* Control of the Media using as a Guiding "LIGHT" our

Consitution and -Bill of Rights and the Books *&* Booklets by our Founders and pass this information

thru "My Space"  "Facebrook"  "U-Tube" and All the "Blogs of "AMERICA" as they did in "1776"

Please ,someone put tis on

U-Tube-FaceBook-MySpace -As I am "OLD" and do not for the most part know "HOW" to use the

"MODERN" strength of communication -Thank You ,Jon Loren

Apr 11, 2009 11:27 AM
#3