Mortgage Brokers and BofA dying

by sfishome on September 29, 2011

Yesterday at our Pacific Union office meeting I heard a stat that Mortgage Brokers used to represent 40% of all loans, and today that is down to about 6%. Meanwhile, Wells Fargo represents 28% of all loans in the United States.

These staggering stats were met with this article from Broker Agent Social Network, a news site for agents and lenders. It speculates that Bank of America may be choosing to exit the mortgage business entirely.

The lending business has gotten so strange, that it seems as if the only way to get a loan these days is to physically walk into your local bank’s branch. And that comment isn’t coming from me – it was mentioned at my office meeting yesterday, and is mentioned in this Broker Agent article.

Strange days indeed.

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