Bank of America Wholesale

By
Mortgage and Lending with First Federal Bank

http://ml-implode.com/   Has reported it on its site as well.

Bank of America

I received an e-mail from my BOA rep stating that they are shutting down the Wholesale Division effective December 31, 2007 and there have been questions as to if it is true or not.

Check out this article. http://biz.yahoo.com/ap/071024/bank_of_america_job_cuts.html

 

Comments (7)

David Conaway
MetLife Home Loans - Bethesda, MD

Job cuts in the Investment Bank, nothing about wholesale mortgage lending.  It wouldn't surprise me but will wait and see.

Oct 25, 2007 07:16 AM
Joyce Windschitl Hercules
Prime Mortgage - Chanhassen, MN
MN, FL, WI & CO Mortgage Consultant
Confirmed.  Sad but true.  11/21 to submit, 12/31 to close deal.
Oct 25, 2007 07:58 AM
Kate Crawford
Carolina Home Mortgage - Burlington, NC
I am sad for the folks that work at BofA, but let's face it- they did not want to do business with brokers.  Their retail programs were competing against their wholesale side and they made no bones about it.  Their service was diminishing and rates  had always been higher on the wholesale side than the retail side.  Plus they have been blaming brokers for the mortgage meltdown and supporting financially the consumer activist organizations.  It was only a matter of time.  Soon more big guys will follow.
Oct 25, 2007 08:06 AM
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate
Every day I'm seeing more and more news about the sad state of affairs in the banking industry. I feel bad for the people who are losing their jobs.
Oct 25, 2007 09:04 AM
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes
WOW!! I can't believe that many banks have gone belly up. Great post.
Oct 25, 2007 01:43 PM
Mary Pichardo
Keller Williams - Mira Loma, CA
BofA! Wow! It's really bad for those losing their jobs.  I had a very close friend lose her job when Countrywide went through all of this.
Feb 14, 2008 07:22 AM
- -
- - Bogota, TN

Thanks for you for taking the time to comment on this subject in the Active Rain network.  AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it is transforming the real estate marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.

Jul 24, 2008 04:33 AM