Comments on: Bank of America http://blownmortgage.com/2007/12/15/bank-of-america/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: mike http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8127 mike Mon, 17 Dec 2007 17:04:24 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8127 I find it interesting that Countrywide says eveyone is blaming the broker for the mortgage problem. However I think its quite clear that eveyone really is blaming Countrywide. Who really wants to be associated with Countrywide now? Arn't they spending crazy money and attention tying to "Save the House" to no avail in slowing down the bad press they are receiving numerous times each day. Consumers can not disregard that bad press. Realtors don't want to refer them loans and brokers have many issues of our own with them. Also I think it is interesting that BOA is so aggressive in mortgage lending now when for years they litterally just pretended to be serious. Interesting strategy that they are just now aggressively entering an industry that has been resently devastated. No matter what ultimately becomes of BOA it means that they believe their is a good future in real estate and lending. I find it interesting that Countrywide says eveyone is blaming the broker for the mortgage problem. However I think its quite clear that eveyone really is blaming Countrywide. Who really wants to be associated with Countrywide now? Arn’t they spending crazy money and attention tying to “Save the House” to no avail in slowing down the bad press they are receiving numerous times each day. Consumers can not disregard that bad press. Realtors don’t want to refer them loans and brokers have many issues of our own with them.

Also I think it is interesting that BOA is so aggressive in mortgage lending now when for years they litterally just pretended to be serious. Interesting strategy that they are just now aggressively entering an industry that has been resently devastated. No matter what ultimately becomes of BOA it means that they believe their is a good future in real estate and lending.

]]> By: Darrell http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8115 Darrell Mon, 17 Dec 2007 08:34:55 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8115 Tom, I've been watching this situation about bank of america for a couple of months. I blogged about it once my company was notified that they were discontinuing to offer wholesale service to the brokerage community. You can see what I wrote here: http://activerain.com/blogsview/252166/Bank-of-America-Out take care darrell evans Tom,

I’ve been watching this situation about bank of america for a couple of months. I blogged about it once my company was notified that they were discontinuing to offer wholesale service to the brokerage community. You can see what I wrote here: http://activerain.com/blogsview/252166/Bank-of-America-Out

take care
darrell evans

]]> By: mike http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8108 mike Sun, 16 Dec 2007 23:49:52 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8108 Several reasons.. BOA had begun slowing down their wholesale production by this time. I had never seen BOA advertising retail mortgages on TV. Now I see it all the time. I commend their strategy of waiting for this market to expand their retail and pull out of wholesale. One more thing...BOA sucked at wholesale and I supsect they will ultimately suck at retail too. Several reasons.. BOA had begun slowing down their wholesale production by this time. I had never seen BOA advertising retail mortgages on TV. Now I see it all the time. I commend their strategy of waiting for this market to expand their retail and pull out of wholesale. One more thing…BOA sucked at wholesale and I supsect they will ultimately suck at retail too.

]]> By: Chris http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8101 Chris Sun, 16 Dec 2007 13:09:06 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8101 Two words help explain their success: Paper Saver Two words help explain their success: Paper Saver

]]> By: Russ http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8098 Russ Sun, 16 Dec 2007 04:51:27 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8098 I just got a deal from BofA because the call center monkey couldn't run LP. Of course, this didn't come up until the last minute after the borrowers thought they were "pre-approved". Pre-approved until they found out the 5% down payment was a gift. Only DU products. Of course, it ain't a problem for brokers. Their volume is up due to the press blitz. For A paper borrowers, the deals aren't that competitive. It is shame so many people are paying too much for their mortgage going through some of these large retail banks. I just got a deal from BofA because the call center monkey couldn’t run LP. Of course, this didn’t come up until the last minute after the borrowers thought they were “pre-approved”. Pre-approved until they found out the 5% down payment was a gift. Only DU products. Of course, it ain’t a problem for brokers.

Their volume is up due to the press blitz. For A paper borrowers, the deals aren’t that competitive. It is shame so many people are paying too much for their mortgage going through some of these large retail banks.

]]> By: C http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8092 C Sat, 15 Dec 2007 22:48:26 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8092 Two words...Paper Saver Two words…Paper Saver

]]> By: Tom http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8091 Tom Sat, 15 Dec 2007 22:35:00 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8091 Rhonda, I think they did. I've had a couuple of people ask about the no closing costs, but when I explained the interest rate differential, they went with what we had to offer. But it's a good "sales gimmick." Rhonda, I think they did. I’ve had a couuple of people ask about the no closing costs, but when I explained the interest rate differential, they went with what we had to offer. But it’s a good “sales gimmick.”

]]> By: The ERA of THE Professional - Make Your New Years Resolutions Today! « The Lyons Den http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8090 The ERA of THE Professional - Make Your New Years Resolutions Today! « The Lyons Den Sat, 15 Dec 2007 22:19:14 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8090 [...] A true Bank, Bank not Mortgage Bank. Why? [...] [...] A true Bank, Bank not Mortgage Bank. Why? [...]

]]> By: Rhonda Porter http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8087 Rhonda Porter Sat, 15 Dec 2007 21:46:10 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8087 Didn't they start there so called "no closing costs" promo at that point? Didn’t they start there so called “no closing costs” promo at that point?

]]> By: Ann http://blownmortgage.com/2007/12/15/bank-of-america/comment-page-1/#comment-8081 Ann Sat, 15 Dec 2007 16:07:36 +0000 http://blownmortgage.com/2007/12/15/bank-of-america/#comment-8081 I don't only think that it is "bad press" that is moving people towards the banks, but it is also a huge advertising blitz that the banks are doing in print, internet and on TV.. I don’t only think that it is “bad press” that is moving people towards the banks, but it is also a huge advertising blitz that the banks are doing in print, internet and on TV..

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