Bank of America Home Loans will exit the first-mortgage wholesale channel to focus more of its operational resources on fulfillment capacity for the bank's retail channel. The exit will be completed following an orderly transition of loans currently in process, Bank of America says.
Doug Jones, the bank's president of institutional mortgage services, says Bank of America ‘remains committed to purchasing and financing loans from correspondent lending clients, including those approved to originate loans from mortgage brokers.’
‘We intend to build upon our leadership position in that market to provide enhanced liquidity to the smaller financial institutions and independent mortgage companies that supply mortgages as our correspondent clients,’ Jones says.
Employees impacted by the exit from the first-mortgage wholesale channel will have the opportunity for redeployment to other Bank of America Home Loans units, the company says.
SOURCE: Bank of America