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Information for Single-Family
Lending and
Real Estate Professionals
Program Announcement
September 2, 2011
Bank of America's Intent to Sell
Their Correspondent Lending Division
Bank of America announced its intent to sell its Correspondent Lending business on August 31, 2011. Since this announcement, our staff received numerous questions from our lenders regarding the impact of Bank of America’s actions in regards to the House Key program and so we would like to take a moment to clarify status.
The Commission currently contracts with Bank of America to purchase closed loans from our lenders. Bank of America assured us they will continue to honor our contract and it is still business as usual. Lenders can still continue to reserve House Key loans on our Mitas system and these loans will be registered and purchased by our current Master Servicer without interruption.
Per our contract, the Servicer may assign its servicing rights and obligations to another servicer. The Commission may also consider changing to a new Master Servicer. At this point, the Commission is examining all options. Over the years, the Commission has experienced the sale of our Master Servicer to a different entity and has completely changed Master Servicers with no interruption in service in both instances. No matter the outcome, we can assure you, our loans will continue to be purchased. We will keep you updated once any type of decision has been reached.