BoA Trims Its Broker Rolls

Bank of America has trimmed certain loan brokers from its active list, according to loan representatives who still use the wholesaler for table funding.However, according to Marc Savitt, president of the National Association of Mortgage Brokers, the move is really just a housecleaning effort involving unproductive brokers that rarely submit loans to BoA. "This isn't Bank of America dumping brokers," said Mr. Savitt. He noted that brokers that are removed from the active list have the right to re-apply within 60 days. But one broker who uses BoA for certain loans said the timing of list cleaning is curious. "I don't want to make it sound like a conspiracy but it's happening while refis are booming," he said. Brokers were notified of the move about two weeks ago.