I heard that when BofA took over Countrywide they announced a plan to get their mortgage portfolio down to a certain size. The deadline for this goal was June of 2016. I have seen in other postings here that June is supposed to be a big layoff months. I think they may be right.
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Come on, the loan serving processing is a standard process the Robot can do it pretty soon. What happening is the managers try to come out a bunch "NEW" project and pretend very busy; however those project never will be in production anyway, In CHL days they even using "character string" without any security coding transfer from machine to machine and called "E-Link". Then they come up a new project call New Customer Data Base(CM2) then hiring a bundle people to secure their management position. Those hired poor sucker was fired couple months or a year later still not knowing why.
Why June ? Servicing is hiring in June; diesnt make sense .
Really?? I don't doubt that mortgage servicing is changing but to say bofa is pulling out of servicing is hard to believe. Why would there be a huge project in the works to consolidate applications and bring back LBAC platforms?
It will happen and might be sooner. BOA will drop out loan serving business entirely ASAP, actually company started to do this couple years ago by reselling the existing loans with small balance to some "Mike Mouse Penny Loans" companies; since BOA sucks up all the juice (interest earning) anyway. Mortgage lending business will replace by robot eventually since it almost the same FICO standard.
Hope TX doesn't get hit hard. Still waiting to see when the Beach site will close
I dont understand the mtg crisis post, home equity is so strict with compliance and risk, they are only putting good solid loan on the books. Are the HE centers next in line for staff reductions?
mortgage crisis
I think what you heard was wrong, they wanted the biggest portfolio. Until they found there were problems from all the servicing acquisitions, with Las they decided to shrink the port and they've been doing it ever since. As long as they continue to originate crap, look at a Home Equity, mortgage kisses will continue
Damn right June is the BIG ONE!!