Could it be true?
“It is with much sadness that I write to inform you that Bank of America has opted to close its Wholesale Channel effective December 31, 2007. This is a bank strategy to become number one in direct to consumer… do not have much information at this time but it is my understanding that all loans in the pipeline will be honored and we will continue business as usual for an additional thirty days from the date of this announcement.”
Say it ain’t so:
I have spoken to two reps at BofA Wholesale and they have confirmed that this is true. If you have pending loans with BofA you will want to check with your loan officer and make sure that they will honor the loan commitment.
Confirmed source that shall remain anonymous.