Bank of America has announced that it will exit the wholesale lending business. Wholesale lending is the business of working with Mortgage Brokers in order to get loans originated. This is the third time Bank of America has exited the wholesale lending business. It had most recently got back into the business when it bought Countrywide and had to absorb its huge Mortgage Wholesale business.

Bank of America had an 8% market share for wholesale lending. B of A said it was going to focus on its retail lending and its correspondent lending.  Retail lending is when you call Bank of America directly to get a loan and correspondent lending is when it buys loans from other mortgage banks after they originate and fund the loans. Bank of America retail is notorious for delayed closings and frustrated borrowers so maybe this can help them get their act together.

If you are a First Time Home Buyer then you should attend our Free Delaware First Time Home Buyer Seminar.  The next seminar is Saturday, October 23rd at the Christiana Hilton Hotel in Newark, Delaware from 10 AM till Noon and again from 1:00 PM till 3:00 PM.  Please call 302-703-0727 to register or send an e-mail to jthomas@primeres.com.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713