B of A to Exit Retail in Six States

Mortgage & Real Estate

Bank of America this week made the decision to exit retail lending in six low volume states including Alabama, Alaska, Montana, Nebraska, Wisconsin, and Wyoming, National Mortgage News has learned.

A spokesman for the bank confirmed the news, but noted that mortgage customers in those states will continue to be served by the bank’s online and telesales divisions.

He said B of A made the decision to exit the states to “streamline” its mortgage operations and because it does not have a large market presence in any of them.

The spokesman could not offer any origination figures for the six. “We weren’t doing much business there,” he noted.

Late last week B of A decided to close its residential correspondent division by yearend after it failed to reach terms with Fortress Investments which had expressed interest in buying the unit.

Among correspondent buyers B of A ranks second nationwide. It ranks third in retail, behind Wells Fargo Co., and Chase, according to figures compiled by NMN and the Quarterly Data Report.

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