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 October 29, 2007

Bank of America's Mortgage Business to Remain In-House
B of A Corporation has made public its intentions to curtail offering home mortgages through brokers by the end of 2007. Going forward, the bank will focus on only lending directly to consumers.
Floyd Robinson with B of A's consumer real estate operations stated that the bank sees this as a long-term opportunity to maximize their more competitive retail channels.

Wells Fargo & Co., Washington Mutual Incorporated and Wachovia Incorporated have al also reduced their reliance on brokers.

From January to June 2007, Bank of America issued $95 billion in loans, which ranks the bank fifth in the nation for volume.

Since May, it is reported that the company had generated upwards of $50 billion of loan applications from offering a "no-fee" loan product under which the home owner received cost-free applications, appraisals, title and flood certifications as well as originations.

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