Was this Against the Law?

My mortgage broker sent in a credit application, with out any signatures or initials from the borrower or co-borrower. The loan was approved on the unsigned application. Is this legal? This is in New York.

If Bank of America does takeover Countrwide Financial, what will happen to all their employees? The transaction is soley for the servicing potfolio. 90% of Countrywide’s loans were bought or originated by their wholesale division. Bank of America does not have a wholesale division anymore. BOA has been very vocal about their dislike of the wholesale business and mortgage brokers. Obviously all their wholesale reps will need to go elsewhere, but where will all the retail reps be placed? Bank of America already has a very exclusive sales force, so they are not interested in taking on any of Countrywide’s junk. One Bank of America loan officer produces the same as 5 Counrtwide loan officers, so obviously BOA is more concerned with quality that quantity.
A Countrywide loan officer in New York has stated that they will all likely end up at First Horizon as they would have a very difficult time adjusting to the banks culture.

Has anyone else heard where they may end up?

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