In what will probably be the biggest merger of the year in the mortgage industry, Bank of America has purchased Countrywide Financial Co. at the tune of $4 billion.
I have blogged about the various articles that have been released today about this acquisition in my Loan Officer Tips blog. I would love to hear your comments on this since it will be one of the major factors in the overall economy throughout the year.
Here is a direct link: www.LOTrainer.com
I look forward to hearing from you!
my CW lender was in denial this morning, dismissing it as rumor, despite what I told him. I am VERY curious to see how this impacts the day to day operations of his business, and thus my business
Hmmm, so I wonder how this will impact me. I do a lot of work for Countrywide through their subsidiary appraisal management company (AMC), Landsafe. Unfortunately, they are one of my main clients, and if they stop being in business, this could really hurt! I'm hoping that Landsafe will remain, as BofA does not have it's own AMC and sends their appraisals to a number of different AMC's. Hopefully, Landsafe will take over a bunch, if not all of BofA's appraisal work, then this could actually help me into the future!
When so many appraisers are having trouble finding work, Countrywide/Landsafe has been my saving grace, hopefully this will all work out for the best....I love working with Landsafe, no pressure to hit numbers is a fresh break from some of the mortgage broker work out there. Hope it continues.
I wonder is there a connection? Both BOA and Countywide were busy in the secondary market buying loans from Argent and New Century.
I know they had a full-time audit desk in Orange at the Argent office.
Hoep things are well, havent seen your posts in some time. ARe you working on an outside blog platform besides AR?
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