It’s hard to believe that Bank of America is exiting the Correspondent business. The thought is almost unimaginable given their sheer size and market share however sometimes the market takes care of everything. Hopefully BOA will be successful in selling the business and the ultimate purchaser will bring a new and energetic commitment to the space.
Can’t help but wonder if this isn’t the first phase of further consolidation at the top of the food chain. Perfect time to align with mid-sized mortgage bankers…nimble, quick, responsive. Our business was built by entrepreneurs and they will lead us out the mess of the last four years.
– Mark Lynch, East Coast Division Manager