B of A to Exit Retail in Six States

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

  • Apps Down Despite Low Rates

    Record low interest rates are not bringing borrowers to the table as the level of loan applications decreased 4.3% on a seasonally adjusted basis for the week ended Sept. 30 according to the Mortgage Bankers Association.

  • LPS Picks Former HomeSide Executive as its New President

    Mortgage foreclosure vendor Lender Processing Services on Wednesday named Hugh R. Harris president and chief executive officer effective immediately.

  • Seniors Lose $63 Billion in Home Values

    The amount of home equity owned by American seniors fell by $63 billion between the first and second quarters, the National Reverse Mortgage Lenders Association/RiskSpan Reverse Mortgage Market Index found.

  • Dynex Enters MOU to Settle Suit; Plans Refinancing

    Mortgage REIT Dynex Capital Inc. has entered into a memorandum of understanding reflecting an agreement in principle to settle all claims in a class action lawsuit and separately said it expects to exercise a refinancing option on collateralized financings.

  • Hope Now Calls for Continued Support For Housing Counselors

    Faith Schwartz, Executive director of the Hope Now Alliance has called for “continued support” and funding from public-private partnerships to secure free of charge, sustainable, HUD-approved, housing counseling.

  • ABA: HELOC Late Payments Rise

    Delinquency rates on home equity lines of credit rose 11 basis points on a sequential basis in the second quarter to 1.91%, according to new figures compiled by the American Bankers Association.

  • Miami Sales Rise Year-over-Year, Prices Still Falling

    Miami home sales in August increased 25% year-over-year, but home prices trended lower, according to a DataQuick report Wednesday.

  • DebtX: Aggregate CMBS/CRE Loan Values Rise

    The aggregate value of CMBS commercial real estate loan collateral priced by DebtX in August rose to 85.9% from 85.3% the previous month, according to a Wednesday morning report from the company.

  • Fed Official Eyes Servicing Compensation for Problem Loans

    A top Federal Reserve Board official is pressing for changes in mortgage servicing agreements to encourage more workouts of troubled loans.

  • Flood Insurance Gets the Green Light From Congress

    The House voted 352-66 Tuesday afternoon to pass a continuing resolution that will fund government operations, including the National Flood Insurance Program, through November 18.

  • Consumer Experts Urge Senate to Confirm CFPB Director

    Consumer lending experts urged a Senate panel on Tuesday to confirm a director of the Consumer Financial Protection Bureau this week.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_446/b-of-a-exit-retail-6-states-1026847-1.html

Leave a Reply

WP2Social Auto Publish Powered By : XYZScripts.com
Bunk Beds