Anyone who's ever been a party to a short sale transaction in recent years where Bank of America holds the lien knows the frustration of trying to navigate a tiny vessel through the huge choppy ocean called B of A loss mitigation dept.
Or heaven forbid you were a buyer or agent using them on your purchase! Last year I had a couple cookie cutter loans take 3 months to fund on purchase escrows with B of A!!
I swore I'd never get involved in an escrow with them again...Unfortunately they are a HUGE entity and my total avoidance didn't last too long before I was forced into business with them yet again. My last dance with Bank of America was this year as a listing agent where the buyer insisted on using B of A for their financing on our 30 day escrow and it took 4 weeks before their appraiser even stepped foot on the property!
Well, this is all making sense now that we find out in recent headlines that B of A is positioned to exit the correspondent lending arena. At first this concept made me want to cheer when I think of saying goodbye to the "waiting game" of trying to get anything done through them, but could this move actually hurt us? The pool of money available to the smaller wholesale lenders many of us use may soon start to evaporate. Is Bank of America someone we should love to hate?
My friends at Think Big Work Small sum it up for us pretty well on today's show....
Watch this great clip which explains the B of A situation in detail!
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