As you may already be aware, Bank of America recently announced that they will be exiting the wholesale mortgage channel. However, it is quite evident that Bank of America believes in the viability of the wholesale origination channel moving forward as noted in their recent announcement to both the broker and correspondent lending communities. While they are pulling out from wholesale, they are in fact reallocating their fulfillment/human resources to both their retail and correspondent channel, which supports lenders like PRMG, who in turn is whole heartedly committed to supporting the broker and their customers.
The Good News! This reallocation of fulfillment services will now provide more horsepower to correspondent lenders, like PRMG, which in turn will help us better support our broker customers.
In this rapidly changing regulatory and business environment, we want to let you know that we stand behind, and will remain committed to you and to the Wholesale business channel we serve. We know the broker community plays a vital role in the lending industry. We also know brokers bring competition to the marketplace and offer a broad range of choices to borrowers.
Going forward into 2011, PRMG will continue on their path to invest in the Wholesale business channel with new product offerings, continued education through the PRMG Campus, and program enhancements to better serve you and your customers. Together we have the opportunity to work and sustain the wholesale business channel and ultimately provide the American dream of homeownership to our customers.