Just a heads up - BOA is closing their wholesale operations (loans offered through brokers) after this year. They’re giving brokers plenty of time to close all deals. New loans will be taken up till the end of November and all closings must be completed by year end.
Ben Carmona
They were pretty lame anyway. The only two programs that were any good were their jumbo arms (great pricing) and the community accomodation program which allowed for a back DTI of 60%, no minimum time of self-employment, and other than needing a 620 FICO credit was not considered. Everything else was pretty much like vanilla ice cream; you can find it anywhere. They had cut their max LTV on NOO to 70% back in August when the secondary market froze up. Wachovia Bank blows them away on service and pricing, plus they have a great portfolio department that can work with hard to place borrowers.