Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation.
Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its mortgage unit. The company decided to get out roughly four to six weeks ago, following a review led by mortgage chief Barbara Desoer. The business employs more than 1,000 people.
The pressure certainly has been on them for some time now. I can’t imagine who would want to buy this leg of BoA. Gonna have to be a fire sale to get buyers interested.
The pressure certainly has been on them for some time now. I can’t imagine who would want to buy this leg of BoA. Gonna have to be a fire sale to get buyers interested.