Bank of America has been making a number of changes to its mortgage business so as to handle the flood of foreclosures in a better way.
The bank has introduced a new unit called Legacy Asset Servicing. The unit will be led by Terry Laughlin.
This unit is focused on resolving issues that involve faulty paperwork.
It should be noted the faulty paperwork had forced the bank to temporarily suspend foreclosures nationwide for around 2 months in October.
The new unit is going to handle all troubled and defaulted loans along with discontinued mortgage items.
Terry Laughlin would be overseeing the bank’s foreclosure programs and mortgage modification along with his existing duties of resolving residential mortgage representation and warranties repurchase claims.
North Carolina Bank’s recent robo-signing issue led to the establishment of this new and separate division for handling the bank’s troubled loans.
The bank said in a statement that the issues that came to light in September and October of last year led the company to initiate a “self-assessment of default servicing.”
The bank also said, “While the review of the foreclosure process found that the underlying grounds for foreclosure decisions has been accurate, Bank of America implemented a series of improvements – including staffing, customer impact, and quality controls.”
Brian Moynihan, BofA’s president and CEO said, “This alignment allows two strong executives and their teams to continue to lead the strongest home loans business in the industry, while providing greater focus on resolving legacy mortgage issues. We believe this will best serve customers – both those seeking and those who face mortgage challenges – as well as our shareholders and the communities we serve.”
On exiting the reverse mortgage origination business, Doug Jones, the consumer sales and institutional mortgage services executive said in a statement, “We made the strategic decision to exit the reverse business due to competing demands and priorities that require investments and resources be focused on other key areas of our business.”
From our experience with Bank of America "they do not know which end is up" I hope this helps.
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