Just to-day, Bank of America withdrew a loan that had been completely signed off on and referred it to another lending institution…..word on the street is Bank of America may be exiting the residential mortgage market…..
“Its amazing how many smaller banks and untraditional lenders are eating away at the market share of the more obvious banks,” says Leonard Steinberg, managing director of Prudential Douglas Elliman and leader of the LUXURYLOFT team. “Recently I re-financed a CHASE mortgage, at their suggestion, and at the last minute they wanted to charge me a $ 1,600 fee for extending the mortgage commitment: This, even though the rates had come down! Large banks may be in for a shock.”
Is Bank of America the BANK OF OPPORTUNITY, or a LOST opportunity?
Has anyone heard anything about this? If so, please let us know….