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Home » Store » News » Second-Quarter Slump Hits Retail Production Hard, BofA Exit Puts Wholesale Market Up for Grabs

Second-Quarter Slump Hits Retail Production Hard, BofA Exit Puts Wholesale Market Up for Grabs

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The sharp drop in mortgage origination activity during the second quarter had a bigger impact on retail loan production, according to a new Inside Mortgage Finance ranking and analysis. But a much bigger change lies ahead as Bank of America this week announced plans to get out of the wholesale correspondent market. The company was the second largest correspondent lender in the industry during the first half of 2011, acquiring $49.23 billion in production. That represented a significant 8.3 percent of total home mortgage origination over the first six months of the year and nearly a quarter of industry-wide production in the correspondent channel. In a statement, BofA said...[Includes six data charts]
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