Bank of America (BAC +3.2%) says it will move away from selling mortgages through brokers to...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America (BAC +3.2%) says it will move away from selling mortgages through brokers to concentrate on direct-to-consumer mortgages. The bank said it will exit the first mortgage wholesale channel "following an orderly transition of loans currently in process." BofA holds 22% of the retail market and 8% of the first mortgage wholesale market. (PR)