Bank of America Legacy Asset Servicing
May 3, 2011 in Highlights by Dan Waterman
Over the past four months, Bank of America has been intensely focused on making improvements, including:
- Enhancing the foreclosure process prior to resuming the bank’s foreclosure activities in December 2010.
- Redeploying more than 2,000 specialized sales and fulfillment associates to support default servicing. This is in addition to the hiring and training of 12,000 people over the past two years, resulting in a total of 30,000 helping customers in default.
- Greatly expanding case managers for customers during the modification process, including both HAMP and proprietary efforts. Already, case managers have been assigned to more than 350,000 customers.
- Doubling Bank of America’s outreach staff to assist more customers in their own local markets. Bank of America already has opened customer assistance centers in hard-hit communities; gone door-to-door to reach customers with modification offers, and held nearly 600 housing rescue fairs across the country.
- Expanding management capabilities aligned to the Home Loans business, including the most recent additions of former Saxon Mortgage President and CEO Anthony Meola as default servicing executive and Eric Telljohann, formerly chief financial officer for Bank of America’s Consumer and Small Business Bank, as credit loss mitigation executive.
Among his other responsibilities, Terry Laughlin will lead an aggressive borrower outreach program to include more than 400 housing rescue fairs in 2011 alone, build additional customer assistance centers in hard-hit communities and expand partnerships with nonprofits.
To capture the value of the industry-leading mortgage platform, Desoer will focus on the future of the Home Loans business, as well as the housing industry as a whole, leading Bank of America’s efforts on critical issues such as housing finance reform and the future of the GSEs.








