When it comes to mortgage banking, Bank of America is heading for the turnstiles. Over the past 12 months it has exited wholesale and reverse lending, announced plans to downsize its servicing portfolio in a major way, and put its correspondent division on the auction block. In the process it has lost warehouse and correspondent executives to small upstarts such as PennyMac. But that's only part of the story. From what we've been told some of its top loan officers are sending out resumes en masse and we've interviewed a half-dozen or so B of A competitors who say they're getting plenty of telephone calls and resumes from the bank's retail originators and even senior account executives…
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