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Daily Real Estate News | October 26, 2007
Bank of America to Keep Mortgage Biz In-House
Bank of America Corp. has announced that it will stop offering home mortgages through brokers by the end of the year. Instead, it will focus on lending directly to consumers.
"We believe our long-term opportunity lies in maximizing our more competitive retail channels," Floyd Robinson, who runs the bank's consumer real estate operations, said in a statement.
Other mortgage lenders have this year also reduced their reliance on brokers, including Wells Fargo & Co., Washington Mutual Inc and Wachovia Corp.
Bank of America made $95 billion of mortgage loans from January to June, ranking fifth nationwide, according to the newsletter Inside Mortgage Finance.
Reportedly, since May, the company generated more than $50 billion of applications from a "no-fee" product under which home buyers aren't charged for such things as applications, appraisals, originations, title insurance and flood certifications.
Source: Reuters News, Jonathan Stempel (10/25/2007)
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