Posted by ME/NJ on 10/5/11 11:02am
Msg #399668

BOA shutting down Mortgage Department

No more home loans from BOA, What is Service Stink going to do. Who ever made the deal to buy CW at BOA I hope he is out of a job. Crazy BOA knew of the toxic loans when they bought CW, guess they never figured the market would get as bad as it is.

Reply by C. Rivera Chicago Notary Services on 10/5/11 11:06am
Msg #399671

probably promoted to CEO and is the genious behind the new

idea of charging a new debit card fee to all of its customers!

BTW, Citi is doing the same......and the domino continues to fall........

Reply by Linda_H/FL on 10/5/11 11:38am
Msg #399674

Fees are one thing but Citi is just over the top on this

Depositors have to maintain a minimum $15k balance to avoid fees - drop once below $15k and it's $20/month

Guess they're looking to limit their depositors to the higher-priced people - don't know about the rest of you but I know *I* don't have $15k to leave laying around in the bank...

Reply by topflyt on 10/5/11 3:13pm
Msg #399698

Re: Fees are one thing but Citi is just over the top on this

15k or 1.5k? 15v k seems awful steep and don't see any bank requiring that kind of balance.

Reply by Linda_H/FL on 10/5/11 6:02pm
Msg #399715

$15k...no typo... n/m

Reply by Linda_H/FL on 10/5/11 6:06pm
Msg #399716

Here's a link FYI, Topflyt

http://www.myfoxdetroit.com/dpp/news/national/citibank-to-charge-$20-monthly-fee-for-certain-checking-account-holders-20111005-mr

Reply by 101livescan on 10/5/11 11:48am
Msg #399675

There are so many CW/BOA borrowers not paying their crappy mortgages, they will need more BUFFER money....time to open accounts with your local credit unions. Best banking,savings and mortgage rates.

Reply by Shoshana/AZ on 10/5/11 12:51pm
Msg #399681

They are only shutting down their Correspondent

Lending Div in Charlotte, NC.

Reply by indaberry/LA on 10/5/11 12:52pm
Msg #399682

BOA is only shutting down it's correspondent lending dept., meaning it will not be the "investor" for other institutions or mortgage brokers. It will continue to be a direct lender, so those BOA packages are not going away.

Reply by kcg on 10/5/11 12:58pm
Msg #399684

I cannot find a news source saying that BOA is not going to write any new mortgages, only that it will not be buying mortgages. Can you cite a source? thanks

Reply by Shoshana/AZ on 10/5/11 1:03pm
Msg #399685

Just google it and you will find that they are only

shutting down their correspondent lending dept. as mentioned above.

Reply by Karryn Doyle on 10/5/11 2:57pm
Msg #399695

Re: Just google it and you will find that they are only

Does anyone know how to become a signer for BOA? I was told with LandSafe but wasn't able to find information about signing up for this.

Reply by MistarellaFL on 10/5/11 3:13pm
Msg #399699

become a signer for BOA

In most circustances you will work for any of the title companies who are under contract with BOA, or one of the signing agencies under contract with one of the title companies who are under contract with BOA.
I've found it's regional or state-specific as to which TCs are under contract with BOA.

Reply by MW/VA on 10/5/11 4:09pm
Msg #399705

I haven't seen many BofA loans in quite a while--mainly WF,

Chase & brokered loans going to Flagstar. From what I've seen I have no idea why they ever
got into the mtg. biz & seemed to make a bad (CW) situation a whole lot worse.

Reply by NCLisa on 10/6/11 10:44am
Msg #399764

Only closing the Charlotte NC Correspondent Lending Dept! n/m