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Bank of America Exits First Mortgage Wholesale Business

The National Association of Realtors® reported that on October 5, 2010, Bank of America (BofA) announced it has decided to stop using the first mortgage wholesale channel (the direct mortgage broker to BofA channel), which has constituted about 5% of its business.

Instead, BofA will focus on its direct to consumer retail channel and also allocate more resources to servicing. BofA will continue to purchase and finance loans from their correspondent lending clients, including those approved to originate loans from mortgage brokers.

Read the Bank of America Press Release.
  • October 20 2010 - US
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Answers (1)

Dave, it is important to understand that Bank of America will still have a correspondent relationship with many small to mid-sized mortgage banks.  They are pulling out the wholesale brokerage arena, but they continue to fund/service loans that are closed in the originating bank's name.    In other words, the path to BofA products is not only through the doors of the retail bank.  Best to you!
  • October 20 2010
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