Posted by ZeeCA on 1/16/08 7:34pm
Msg #230990

BA and CW

I just got an email saying that now that CW is BA they will NOT be outsourcing...

IMO: If CW maintains the level of closings they have been... doubt they can easily keep it in house?

what do you think?

Reply by Shane_OH on 1/16/08 7:58pm
Msg #230993

If BA goes the route of just sticking their name on an already developed mortgage lender, and selling the CW products in the BA branches, you bet their ass they won't need to outsource.

CW also owned LandSafe, which did appraisals and title....if BA incorporates them, its doubtful you'll see any outsourcing.

Reply by BarbaraL_CA on 1/16/08 8:22pm
Msg #230997

There a lot of B of A branches that do not have notaries. I service 2 B of A branches on a regular basis - going to their branch when the signers come in. Mostly HELOCS - short and sweet.

Reply by NotaryGirl71 on 1/16/08 8:28pm
Msg #230998

Are these signings done thru a signing service or are you doing them directly thru B of A?

Reply by BarbaraL_CA on 1/16/08 8:42pm
Msg #231002

Directly thru B of A

Reply by DonR_NYC on 1/16/08 8:38pm
Msg #230999

In NYC there are only 10 BOA branches and 8 in Manhattan. The rest of NYC, except Brooklyn, have 0. Should be interesting.

Reply by CF on 1/16/08 9:14pm
Msg #231009

Before mass panic happens....who sent you the email? Is this from a verifiable source? Also, I just did a BOA search in my area....NO locations!!!!!!! So obviously, they will be outsourcing in Michigan. Could be the same in other cities too. BOA does not have a lot of "brick and morter" locations in the midwest as far as I know.

Reply by ZeeCA on 1/16/08 9:31pm
Msg #231011

very reliable source that sent it to me... he is an appraiser.

Reply by James Powell on 1/17/08 5:02pm
Msg #231106

Bank of America is the new parent company of La Salle Bank. They have plenty of branches in Michigan and elsewhere in the Midwest.

Reply by MikeC/NY on 1/17/08 2:21pm
Msg #231068

They have more of a presence out here on Long Island - there's 25 branches within 10 miles of me. I'm surprised they aren't that big in NYC.

Reply by NCLisa on 1/16/08 10:08pm
Msg #231014

The deal won't even close until the third quarter!

The merger still has to be approved by the powers that be in the overseeing governmental entities. BofA also will have to take into consideration all the contracts and agreements that CW has, as many of them state that if they merge or are acquired or assign interest, the contracts must still be honored. I've read that the agreement that CW has in Texas for creating jobs, will have to be honored by any company merging with or acquiring CW. There are a lot of books and contracts to go through before BofA knows if this is truly a good deal or not.

Reply by Becca_FL on 1/16/08 10:35pm
Msg #231019

Re: The deal won't even close until the third quarter! Lisa,

the feds are ready to close the deal. They, the powers that be, have already given their blessing and are ready to seal the deal. This deal is purely logistical. BofA is trying to mitigate their losses and gain a tax advantage at the same time. Personally, I don't think we'll see big changes in the CW status quo for awhile.

Reply by PA_Notary_II on 1/17/08 9:50am
Msg #231034

Anybody notice the obvious absence of those annoying C/W TV commercials in the last 2 to 3 weeks?

Reply by janie/vt on 1/17/08 10:37am
Msg #231037

Saw their ad yesterday on TV. So they haven't stopped here. Also Ditech ad's running here.

Reply by SReis on 1/17/08 12:13pm
Msg #231053

CW the purchaser on a closing I had the other day

One of those deals where mortg co. already in process of flipping loan & CW was listed as the new buyer.