Posted by A S Johnson on 2/25/09 1:45pm
Msg #278701

Countrywide and B of A

Heard a news article that Countrywde loans has changed thier name to B of A Home Loans.
Does anyone know anything about this?

Reply by Marian_in_CA on 2/25/09 2:18pm
Msg #278706

Yes, it's happening in April....

BofA acquired Countrywide and they're merging, so Countrywide, as we know it, will cease to exist over the next year or so.

See:
http://www.bizjournals.com/sanantonio/stories/2009/02/16/daily38.html




"Countrywide will be renamed in late April as Bank of America Home Loans."

Reply by Teddog/CO on 2/25/09 2:27pm
Msg #278707

Re: Yes, it's happening in April....

Very interesting article Marian. It will be very interesting to see what the future holds for companies like Countrywide.

Reply by A S Johnson on 2/25/09 2:35pm
Msg #278708

Thank you. It was an interresting article. My reason for posting was several fold:
In Texas CW/FS many times are 200+ pages, hopefully BoA will change this?
From what I remember is B of A , even though not a low baller, does not pay that well.
Anyway "Things are a changing">

Reply by MW/VA on 2/25/09 2:54pm
Msg #278710

I thought this was part of the merger agreement. Has anyone been seeing any BOA loans?
I was doing quite a few RM's for them for a while, and somehow lost that business. The last I knew they had started using some local title companies here that were closing the loans themselves. When BOA bought up CW and Merrill-Lynch they lost their stability. I had some stock that I purchased at $25, sold at $17, and is now around $5. It doesn't appear that BOA is now in better shape than CW was in the first place.

Reply by MistarellaFL on 2/25/09 6:36pm
Msg #278720

So far the BOA loans I've been doing are for purchases, small packages, sent in pdf format, and TC's are paying a fair fee.

Reply by spnotaryplus on 2/25/09 9:10pm
Msg #278751

The transition from CW to BOFA is not complete. As mentioned earlier it should be complete in April but we know how these things go. I noticed something that everyone on this board is pretty much is aware of and that is that with all the fax backs requested from some title/SS companies, I noticed quite a bit is useless in the CW packages and discarded properly.

For example: 5 NOTRC's are signed and one is kept in file. 2-3 HUDs signed, keep only one.

Question is asked: why this is so?
Answer: In case they make a mistake we have one good one. Go figure.