Posted by NC_Notary on 1/27/07 3:13pm
Msg #172886

BofA and Countrywide alliance...will we lose business?

If this merger goes through, do you think we will end of losing business with Countrywide loans? I am wondering if the closings would take place by BofA personnel in their branches instead of us. Any thoughts....

Reply by NCLisa on 1/27/07 6:14pm
Msg #172898

For the kind of loans you are talking about, a 3rd party TC/SA/or attorney is required to prepare the HUD/closing statement. The 3rd party usually decides who closes the loan or it is part of the contract with the TC who to use to close.

Reply by Rick_NY on 1/27/07 6:33pm
Msg #172901

Who the h-e-double-hockey sticks knows?

If C/W operates as a separate unit of BofA, as GreenPoint Mortgage does within North Fork Bank (NFB was taken over by Capital One Financial in December 2006) here in New York, it will likely be business as usual.

Reply by MikeC/NY on 1/27/07 7:44pm
Msg #172909

I don't think it will have an effect here in NY. Virtually all purchases and a fair number of the re-fis here are table-funded (AKA "wet closing" and are handled directly by the bank, so an SA would not be needed unless they were also trained as a title closer (which is a totally different job). Countrywide loans are usually escrow-funded, and BOA will probably continue using SAs to handle them here - it's convenient for the borrower and it takes the pressure off their staff.

I think NY is different from most other states as far as "wet" vs "dry" closings are concerned, so none of this may apply elsewhere....