WSJ has been all over BofA’s exit from the mortgage banking channel. They broke the story last month, and this weekend they broke the latest: Fortress Investment Group’s Nationstar Mortgage buy the BofA unit if negotiations hold up. Still interesting BofA considers this channel “non-core” when it accounted for 47% of the bank’s total mortgage originations in 1Q2011.
Here’s what consumers must know about BofA’s move & the mortgage industry:
Mortgage Banker View: BofA Cuts Off Mortgage Bankers