Bank of America Drops the ‘M’ from MLO and Tells Its Sales Staff to Take Auto Applications. Will Others Follow?
November 3, 2016
Bank of America – the nation’s third largest residential originator – this week gave its mortgage loan officers an edict: start taking applications for auto loans as well. Going forward, mortgage loan officers will be known simply as “loan officers.” A BofA spokesman confirmed the changes to Inside Mortgage Finance, but cautioned that LOs will not be taking applications for checking accounts and credit cards, though referrals can be made to other divisions of the bank. BofA watchers, as well as the bank’s competitors, were scratching...