Bank of America to Sell Correspondent Mortgage Unit – Bloomberg

The trend continues. First BofA moves out of the Wholesale mortgage business, now they announce that they might sell or even just outright close the Correspondent mortgage channel. This is a clear trend with Banks getting out of the Mortgage business, now the nations largest in BofA.  This shows that companies like Mason-McDuffie Mortgage will be more and more the type of mortgage company people would want to deal with. A local, community based, and employee owned company.

– William J. Simpson, SVP of Production

Story: According to Bloomberg, BofA “plans to sell or shut its correspondent-mortgage unit as Chief Executive Officer Brian T. Moynihan seeks to stop losses on home loans.” FULL ARTICLE

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