Posted on Monday, December 13, 2010
In order to deal with the influx of loan modifications that many banks are dealing with, Bank of America Home Loans (BofA) has made the decision to move some of its mortgage loan originators and other staff to the loan modification department.
The company plans on moving around 2,500 employees to the modification side, where they will remain for at least for the majority of 2011.
“The integration of these experienced mortgage professionals will provide Bank of America with a significant surge in servicing capability to manage the current peak demand in the homeownership retention area,” a spokesperson for the Charlotte, North Carolina-based company said in an e-mail.
He continued, “With their addition along with new hires, the bank will have a team of nearly 30,000 dedicated to helping financially troubled customers remain in their homes and avoid foreclosure. This is more than triple the default servicing staffing level two years ago.”
Currently the bank has around 24,000 employees working in mortgage sales and fulfillment. The bank says it will continue to focus on centralized sales and make sure customers seeking mortgages will still have their needs met.
Joy Leopold DS News