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Bank of America Back in the Mortgage Saddle

Mortgage News > Bank of America Back in the Mortgage Saddle
Date: 01/16/2013    Bank of America Back in the Mortgage Saddle

Brian Moynihan, Bank of America Chief Executive, recently addressed Bank of America’s intentions to once again grow the mortgage end of business within the bank.

With more than 5,000 branches across the country, the bank intends to utilize them in order to sell more mortgages as well as additional products to current clientele.  For example, Moynihan explained at an investor conference in December, BofA intends to offer lower interest rates to clients who hold more assets with the bank.

Despite Bank of America reporting its first quarterly profit since 2009, others within the mortgage industry don’t necessarily see BofA’s intentions as threatening.  The Wall Street Journal reported Guy Cecala, publisher of Inside Mortgage Finance, as having this to say about BofA’s reentry; "What BofA is doing is difficult to pull off. The problem is that most retail banking customers don't go to their own bank for a new mortgage.”