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Bank of America Shuts Its Private-Label Outsource Unit.
Charlotte, NC -- Bank of America - which has experienced a series of ups and downs in mortgages over the past five years - is closing its private-label outsourcing unit, Financial Services Solutions.
The decision to shut FSS comes just 20 months after BoA launched the business during the height of the refinancing boom.
FSS president Greg Sullins told Mortgage Servicing News that "our first task will be to shut down and take care of our one client."
Although BoA would not disclose the name of the client, sources confirmed it is IndyMac Bancorp of Pasadena, Calif., a top 20 mortgage lender. (A spokeswoman for IndyMac said FSS' decline will have no effect whatsoever on IndyMac's ability to originate and fund mortgages. "We can handle it internally," she said. "The past few months they were doing very little for us.")
At its busiest, FSS employed about 400 with offices in California, Kentucky, New York and North Carolina. Today the unit, jointly owned by title insurance giant Fidelity National Financial, employs about 150.
Its executive team is headquartered in Charlotte but it has about 100 employees in Kentucky. It hopes to totally liquidate the unit by May.
The fact that FSS had just one client remaining after 20 months speaks volumes about the company's troubles.
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Source: HighBeam Research, Bank of America Shuts Its Private-Label Outsource Unit.