Bank of America continues to say that it's committed to retail mortgage lending, but the megabank suffered another blow recently with the departure of one of its top loan producers in the nation, Kevin Budde of Southern California.
Budde confirmed to National Mortgage News that he has accepted a branch manager position in Orange County with PrimeLending, the mortgage division of Texas bank PlainsCapital. He took five B of A employees with him.
In 2010 Budde was B of A's number one producer nationally among purchase money LOs working with Realtors. “I did about $140 million of loans in Southern California,” he said.
Budde had no harsh words for Bank of America, but said he grew frustrated with the lender because of all the “credit overlays” and extra steps it added to the underwriting process.
He added that at B of A LOs and their staffs are asked to check over borrower information “two- three- and sometimes four-times.”
Such scrutiny is forcing customers to look elsewhere for mortgages, he said, noting that little effort is being made at B of A to retain staff. “The people here are good,” he said. “It's the processes that are killing the business.”
Budde officially departed the bank a few weeks ago. In December he will open a new branch for Prime Lending in nearby Laguna Niguel. (See the Monday edition of NMN for an analysis of B of A's future in retail.)