Bank of America has announced it will create a second fulfillment center for government loan processing in Dallas, providing jobs to about 150 associates formerly supporting the bank's wholesale fulfillment operations. The bank announced last month it was closing its wholesale fulfillment operations effective Jan. 1.
‘We will leverage the knowledge and skill of our Dallas-based wholesale associates to help the bank manage the strong growth in demand for our FHA and VA loan products,’ says Bob Griffith, Bank of America's mortgage fulfillment executive. ‘Texas is our strongest market for government loan programs, and we are thrilled to have the opportunity to grow our business there.’
Bank of America opened its first government lending fulfillment operations center in Jacksonville, Fla., in June 2006. That facility employs about 300 associates in its specialized government lending operations. Bank of America's production volume for FHA and VA loans is expected to be nearly $2 billion in 2007, more than double the volume from 2006.
‘The dislocation in the subprime market has sparked renewed enthusiasm for FHA and VA loan products across the nation,’ notes Allen Jones, Bank of America's government lending executive.