Bank of America (BofA) is negotiating with a potential buyer for the sale of its correspondent mortgage lending division, The Wall Street Journal reports. The bank is selling the division as it no longer fits in with the long-term strategy for its mortgage unit.
If BofA is unable to sell the unit, it will consider other options, including closing it. The sale of the correspondent business will help to shed some of the bank’s 2008 purchase of Countrywide Financial Corp. The bank has already sold its insurance unit Balboa, in which loans are bought from independent brokers.
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