Bank of America to increase loan modification staffing – Irvine Real Estate | Irvine Homes & Condos for Sale

by Robert Mack on December 5, 2010

in Latest News, Sellers

Bank of America Corp. told 2,500 mortgage origination staffers this week that they would be reassigned to loan modification duty, two weeks after the bank promised Congress to provide better service to distressed borrowers who sought help in avoiding foreclosure.

The effort attempts to address a persistent complaint of borrowers caught in the 3-year-old foreclosure crisis: being bounced from bank employee to employee as they tried to work out a way to stay in their homes, often being told different things about their case in each conversation along the way.

Bank of America, the giant Charlotte, N.C., lender, became the largest servicer of home loans in 2008, when it acquired Calabasas-based Countrywide Financial Corp., the aggressive No. 1 mortgage lender. BofA came under fire last month at a Senate Banking Committee hearing into mortgage servicing, which is the business of billing, collecting payments and handling delinquencies and foreclosures on home loans.

It’s about time someone is taking the necessary steps to increase the number of staff memebers in a department that everyone knows is completely overwhelmed with so many homeowners needing help in making their home payments more affordable! Let’s see how this translates in the near future…

Posted on Irvine Orange County Real Estate Market News

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