BofA To Re-Emerge Into Workforce
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Here is the link to the upcoming NAMB Las Vegas Event: http://nambnational.com/
In other words… BofA is going to exactly what Chase has done. Only retail, and to Chase’s credit… lobby so that Freddie loans (almost the entirety of their portfolio) can only be refinanced through the servicing lender.. them. In other words, a bonafide monopoly for currently serviced loans.
Thanks government! I can always count on you to cater to those who lobby and bribe the hell out of you!!
Go HAWKS, sorry Brian, Seattle will be holding 1st place for the West this evening………
Love ya bro…..
Go Seahawks! Crush those 49er’s and take a commanding lead in the NFC West (tough road game but I think they will make it happen)
Hmmmmm…..Bank of America still has your guy’s site blocked. I wonder why?
Bank of America is not two things.
A bank, it is a multinational, global corporation offering a myriad of services from insurance to credit cards.
American…see above.
They are the Walmart of lending.
Yeah worked in builder world for BofA and Wells.. Brokers rule 100%. You may think you know Lending.. there is a whole new world out there for you!!!! Stop drinking the kool aide… Just so you know I am not blowing smoke. I closed between 100 to 138 loans a year through builders for over 7 years.. I know the difference. I have no skin in the lending world in longer I am a Realtor.
Just a short comment about USDA and disclosing for the wonderful CFPB. The upfront fee may be 2%, but that is 2% of the gross loan, so in reality, the upfront fee when calculating is 2.04082%. Love those round numbers, don’t we?
Also, I am not a BofA fan, but bashing individual loan officers should be left to the playground.
dork2290 – Hate to break the news to you, but the biggest
etwork you can have is your customer base. With a B of A loan officer easily closing 3 – 4 times the number of loans that you do, how would they not have the ability to grow their network exponentially faster than you can grow yours.
Closing 15-20 loans per month, with excellent follow up and a retention plan, and actually asking for business will undoubetedly generate more business with less effort than you would be able to generate through a small referal network. And when the market shrinks again, and it will in 2013, the guy with a database of 750 clients and excellent retention marketing is going to get more loans than you are going to get from any 4-5 person network you may serve. Fact is, most brokers do not have the follow up systems in place that the Too Big to Fail Banks have. The fact that we send them a statement every month puts us in front of them more than 90% of the brokers out there will ever be. I love it when a broker sends some crackpot looking postcard to my clients with some ridiculous APR posted to look like it’s an actual rate. I laugh because I know some douche just spent 50 cents to get my client to call me and ask if it’s too good to be true. And I know my name is on the magnet on their refrigerator, that my name is on their statements that they get every month, that the banking system is set up to identify that customer as my client and loop them back to me for a mortgage if they walk into any local branch. You can’t logically argue that there is not value in working at a big bank. Additionally, all your talk about FBI background, felonies, etc. Last I checked, 90% of the mortgage fraud headlines concerning individual loan officers are typically one off brokers colluding with individual real estate agents, etc.
Another fact and misconception about BofA loan officers:
1) An extensive NMLS FBI BACKGROUND CHECK IS REQUIRED ON ALL BofA loan officers as well as the bank’s own internal check as well. I went through the background stuff when I worked for a local mortgage banker as a lic loan loan ofiicer. BofA’s was twice as strict not to mention required training, etc. I will see you guys on the tours, at open houses and I may run into you at your realtor’s office. Local and Experienced. 12years in the business. See yall on the streets
Wow you have no clue!! If I couldnt offer better service and better rates than BofA I would get out of this business. I know people that work as loan officers as underwriters, processors and the back end and they even agree your process is horrendous. Good luck!
90% of the 1% teaser loans sold to w-2 employees were originated by Banks because mortgage bankers/brokers had lower fixed rates and were able to close faster, much faster than the banks.
With all these projected layoffs at BOA I would think that BOA is not going to expand its business in mortgages. My personal experience with BOA in 2007 and again in 2011 is one that tells me they cannot be trusted. I have heard many people say they will never bank there again because they can’t afford it. I am not talking about the fees either.
You guys are completely off on the USDA information. Funding for 2013 is already released and the upfront Guarantee Fee is always rolled on top of the loan just like upfront MI for FHA. The only thing that has changed with USDA is the monthly MI. It went from the recently changed .30 monthly to .40 monthly as of October 1st 2012. Hope this is helpful
Cmon, tell us what you really think.
But you know, you are right on every count.
Sometimes a blind pig does find an acorn and you guys have found one today. I can see a rallying cry or motto, mission statement or whatever you want to call it.
Help me fine tune this:
Your Full time
Independent
Local Loan Officer
with competitive rates
giving you unparalleled Service & the ability to talk to the SAME person as often as you feel necessary. A control person that follows your loan through from the beginning to the end and who will even be there at closing.
Someone who cares whether your loan is approved &
Supports & Lives in the Community
with over 38 years of experience & knowledge
And not a minimum wage employee with zero experience sitting in a sweat shop call center who are exempt from the laws requiring upfront & ongoing education, work experience, net worth, good credit, and constant audits. I;ll give you a hint, I’m talking about the Too Big to Fail Banks who only get business by lobbying to try to run the rest of the lenders out of the business.
And GOD I HATE YOUR CAPTCHA!! You can’t read most of them and have to cycle thru a ton to find a set you can enter. It’s what drove me away from your videos for months.
Great show again! A friend sent me this link a while back and you guys are great keep it up!!!
I AM
LOCAL
Accoutantable
Loan Officer
Lives IN
Services
the community
Does Offer Competitive rates
member of 3 local realtor boards
12 yrs of market experience. Mortgage Professioanl Senior Mortgage Loan Officer with Bank of America
Come on Brian, you know working for the big banks sucks. You make a fraction of the money because you have leads spoon fed to you, therefore enabling you to not have to network nor having to provide a top notch service, because you just don’t have to. If you have 12 years experience, you should be ashamed of yourself for still working for the worst banking and lending institution in the world. You take the loan app and then 4-6 other people talk your borrowers until it’s done. You are an app taker, nothing else. Heck, you even spelled “Professional” wrong in your post. You don’t have to be licensed nor keep up with CE, and you don’t have to pass a FBI background check, so who knows, you could have a felony on your record. And a member of 3 Realtor Boards? You mean B of A. I have news for you dude, NAHREP has B of A as one of their Lenders….. and they don’t send them any deals…. they just use B of A for their sponsorship monies. Here in Phoenix, I dare you to try and get an offer accepted where the Buyer is using the Anti-Christ Lender to close Escrow…… not happening. If you have a Network, then why are you still feeding off the TEET of B of A. B of A sucks.
Its obvious you have no idea what you’re talking about. I am also a local Bank of America loan officer with 10+ years of experience and can sit face to face with borrowers to help them with there mortgage needs.Bank of America has a nationwide retail pressence as well for all.
It would be nice if you stopped trying to increase the business for your advertisers and spoke the truth if you even know what that is.
Whoever is in charge of events for NAMB must live in an igloo in the Artic. Having their convention at the same time as the National Rodeo in L.V.NV is bad enough but at the same location is DUMB and will be a guarateed BUST.
As far as the Bank of Abama decisions who would ever guess!!!
Go 49′ers! Though you guys were in the mid-west…
Go 49′ers! Thought you guys were in the mid-west…