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.
Daily Briefing | Wednesday, October 5, 2011
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