BoA Combines CFC's Wholesale and Correspondent Divisions

Bank of America has decided to combine the wholesale and correspondent lending divisions of Countrywide Home Loans into one unit, placing executive Doug Jones in charge of both. Mr. Jones also will oversee warehouse lending for the bank, said a company spokesman. Todd Dal Porto, executive vice president in charge of wholesale, was named retail sales executive in charge of the Western U.S. In late April the Countrywide Home Loans brand will disappear entirely, replaced with Bank of America Home Loans, which will incorporate all residential lending for BoA and the old Countrywide franchise. BoA bought Countrywide Financial Corp., the parent of CHL, in July of last year. Prior to the purchase, BoA had ceased funding loans through wholesale and correspondent means, but so far has vowed to remain in these third-party lending channels, which Countrywide routinely dominated along with Wells Fargo & Co.