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Bank of America Backs Out of the Popular 'Flow Servicing' Market'.(Brief Article)
Bank of America Mortgage here, a large purchaser of residential "flow" servicing rights, has backed out of that market entirely, the company confirmed last month.
One advisor said Bank of America Mortgage bought between $30 billion and $40 billion in flow product last year.
A company spokeswoman confirmed that, "we are reducing our participation" in the flow market. As Mortgage Servicing News went to press last month, she did not have any information on how much in flow servicing the company purchased in 2000.
Under a flow servicing arrangement, a buyer agrees to purchase servicing rights from a seller on, usually, a monthly basis.
For large mega-servicers that are dependent on keeping their volume of housing receivables high, the flow market is a key source of product. Some of the most active buyers of flow product include Chase Manhattan Mortgage, Edison, N.J.; GMAC Mortgage, Horsham, Pa.; HomeSide, Jacksonville, Fla.; and First Nationwide Mortgage, Frederick, Md.; servicing sources said.
One servicing broker noted that ...
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Source: HighBeam Research, Bank of America Backs Out of the Popular 'Flow Servicing'...