BofA Dumps Wholesale Lending

Bank of America is continuing to shape shift as it deals with it's own, while limited, exposure to the mortgage debacle. What this means for consumers is that now there is one less lender from who they can get a competitive rate. Typically, when a borrower goes through a retail channel of a mortgage lender, there is less room for negotiation on the interest rate and/or closing costs. Broker owners have always been able to give their clients a better deal and they are willing to do so in an effort to build repeat and referral business. The big retail mortgage shops tell their reps that they are giving value with great service, as if the brokers don't provide that.

Bottom line is there are still plenty of strong brokers out their and they are very competitive on rates and terms so do your due diligence and contact a local independent Minnesota mortgage broker before signing any papers with a lender direct rep.