Home > Blogs > California > Sonoma County > Santa Rosa > What Bank of America's news means to you

The Straight Truth

By Jennifer Beeston @ Guaranteed Rate Mortgage

By Jennifer Beeston | Mortgage Broker
or Lender in California

What Bank of America's news means to you

You may have seen the news or heard the rumors.  Bank of America is closing its correspondent division(http://www.miamiherald.com/2011/10/04/2438329/bank-of-america-to-shut-down-lending.html)  The only effect this will have on Borrowers and Realtors is that loans such as Calstrs and CHF platinum will be discontinued until they find new servicers.  If you have any borrowers who were prequalified with Calstrs(teacher loans) it is time to get them re qualified with a new loan program.  CHF platinum (.5% down program) will still be accepting locks through the  end of the month (means they have till November 20th to close).  If you are in contract with a CHF borrower you should be fine but if they are not in contract yet I suggest sending them back to their lender or us to get re qualified.  Another low down payment option which we offer  is CalHfa which requires only 1% down.  Once these loan programs are up and running again we will let you know. As always we appreciate your business and are happy to answer any questions you may have.  



Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer