BofA May Sell or Shut Correspondent Mortgage-Lending Unit

Bank of America Corp., the largest U.S. lender, plans to sell or shut its correspondent-mortgage unit as Chief Executive Officer Brian T. Moynihan seeks to stop losses on home loans.

“We intend to sell the correspondent-mortgage lending division or, if a suitable deal is not identified, we will consider other options,” including winding down the business, Dan Frahm, a company spokesman, said in an e-mail today. For now, those operations “continue business as usual,” he wrote.