NEW YORK (Reuters) - Bank of America Corp,the largest U.S. bank by assets, said Tuesday it will nolonger sell mortgages through independent mortgage brokers, asit concentrates on lending directly to its banking customers.
The move allows the bank to redirect resources to supportits direct-to-customer mortgage business, said Barbara Desoer,president of Bank of America Home Loans, in a statement.
A spokesman for the bank said that most of the 1,000employees from its first mortgage wholesale channel will beable to transfer to one of the bank's other mortgagebusinesses.
Charlotte, North Carolina-based Bank of America had about22 percent of the market share for U.S. retail mortgageoriginations in 2009, according to industry publication InsideMortgage Finance. The bank had a U.S. market share of about 8percent of the first mortgage wholesale business in 2009,according to Inside Mortgage Finance.
Like other large mortgage lenders, Bank of America has beenbattling to rein in losses on these loans as unemploymentremains high and house prices are still low.
Separately, Bank of America said last month it issuspending some of its foreclosures in 23 states to reviewwhether it has been conducting them properly.
Bank of America shares were up 3.5 percent at $13.60 inafternoon trading. (Reporting by Elinor Comlay; Editing by Bernard Orr)