It's now official: Bank of America has told the world that it's throwing its correspondent lending division overboard. Top managers in the group received word this morning. Of course, the news was inevitable. When B of A mortgage executive Doug Jones departed the megabank back in late May for the much smaller PennyMac the industry sensed that it was just a matter of time. (Jones was hired to grow PennyMac's correspondent unit from scratch.) Now the question begs: with B of A getting out, which firms will fill the void? According to the Quarterly Data Report, firms growing their correspondent business the most in 1Q include: CitiMortgage, U.S. Bank Home Mortgage, and PHH Mortgage. When one door closes, another opens…
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