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Bank of America Correspondent Lending

Bank of America Correspondent Lending Division offers products and services to mortgage bankers and correspondent lenders and help them serve their borrowers with quality home loan solutions. The correspondent lending division is a part of Bank of America Home Loans, a subsidiary of BAC. Bofa purchases closed loans from their clients and sell the same in the secondary mortgage market to generate more funds for new loan originations.

The information to these valuable partners of the bank is provided through a separate website correspondent.bankofamerica.com. But to access information one needs to sign in first with their login ID and password. The bank provides complete correspondent mortgage lending guide and several other resources including marketing materials, training programs and product highlights to its online clients.

BOA also offers warehouse lending solutions online through its website warehouselending.bankofamerica.com. To access this website you also need to have your unique login ID and password. Call the customer service department at (877) 425.3463 to get more on working with the correspondent and warehouse lending divisions of Bank of America.

B of A also offers Neighborhood Lending programs to meet the home loan requirements of low-to-moderate-income families (LMI) and other sections of community. Visit neighborhoodlending.bankofamerica.com for more details on how one can join hands with the company in its mission to fulfill the homeownership dream for all.

Bank of America Wholesale Mortgage

BofA’s share in retail mortgage origination is over 20 percent whereas it stands below 10 percent when it comes to its share in first mortgage wholesale market. Probably this is the reason that has compelled Bank of America to announce closure of its wholesale lending division. With the shutting down of this division, mortgage brokers would no longer be able to get underwriting and processing solutions from the bank and see its rate sheets online. Even the website wholesale.bankofamerica.com is not responding when someone tries to open it.

The formal announcement to exit the first mortgage wholesale channel came on October 5, when the President and CEO of Bank of America Home Loans made it clear that the company is inclined to focus more on enhancing capabilities in direct-to-consumer channels. The bank however has to allow the current loans to complete the transition process before it can make a final exit from the market.

Website: www.bankofamerica.com


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