Bank Of America To Change Mortgage Focus

Bank of America, headquartered in Charlotte, N.C., plans to exit the consumer mortgage wholesale business in order to devote increased energy to its expanding retail channels, including its banking center, mortgage loan officer, Loanline and e-commerce channels.

Compared to last year, Bank of America's overall first mortgage-funded production increased 27% in the third quarter of 2007, the company says. Driving that overall increase was a 60% spike in funded mortgage originations through banking centers and a 26% increase in funded originations by mortgage loan officers.

The company's decision to exit the wholesale business, which becomes effective at year-end, will affect about 700 associates in several locations, including Brea, Calif.; Rancho Cordova, Calif.; Dallas; and Richmond, Va.


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