Although Bank of America Corp. is, for now, staying in mortgage warehouse lending, it may quit that business too.
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B of A spokesman Dan Frahm clarified late last week that the decision to stay in warehouse lending depends "to some extent on the interests of a potential buyer for our correspondent business. Bottom line, the final decision has not been made and cannot until we are further in discussions."
On Wednesday, when the bank said it would exit correspondent mortgage lending, it said it would remain in warehousing. Officials familiar with the situation said B of A is committed to keeping the correspondent business open through yearend. One source said the bank plans to market the warehouse group with the correspondent unit.
