Bank of America Issues Statement in Response to Media Reports on Mortgage Business
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Bank of America today issued the following statement in response to media reports about its mortgage business:
As part of our ongoing activities to align the Bank of America Home Loans business to the bank’s customer-driven strategy, we have made the decision to exit the correspondent mortgage lending division. We intend to sell the correspondent mortgage lending division or, if a suitable deal is not identified, we will consider other options, including winding down the correspondent lending business in an orderly manner. At this time, our correspondent lending operations continue business as usual.
Consistent with other recent decisions in the Home Loans business – our exit from the wholesale lending and reverse mortgage businesses, and selling Balboa Insurance – we are strengthening our focus on serving the needs of the bank’s 58 million households and supporting growth across the franchise.
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