|
Bank of America Short Sales to Increase by 60 to 70%
Knowing what's new and what to expect is key to successfully navigating a short sale. That's why the Charfen Institute maintains close ties with the nation's largest lenders, and is committed to keeping agents in-the-know.
On a recent CDPE broadcast, Bob Hora, Senior Vice President of Mortgage Servicing for Bank of America, revealed a seismic shift in their approach to short sales.
Anticipating a 60 to 70% increase in short sale transactions in 2012—up from 100,000 in 2011 and 90,000 in 2010—Bank of America has made the following enhancements to lay the groundwork for predictable process flows, accelerated turnaround times, and greater approval rates:
- Growth of a specialized short sale staff to 3,000—an increase from 250 in two years
- Assignment of dedicated transaction specialists
- Service agreements with standards for response times
- A specialized staff of 125 dedicated to escalations
- The creation of a Closing Center of Excellence, focused entirely on expediting the closing of short sales
- Community outreach to financially distressed homeowners
- A team of 35 specialists dedicated to the Equator relationship and customized programming in response to agent feedback to improve process flows
To learn more about Bank of America’s sharpened focus on short sales, read our new report: Bank of America Reveals Program Updates to Assist Agents!
Don't Be Without These Major Servicer Updates
December 14, 2011 at 2:00 pm Eastern Time
Discover the critical new tools for faster short sales with Bank of America, Wells Fargo, Chase, and Citibank.
Register Now
|
More Parents Using Real Estate to Finance Kids' College
It is never too early to start a college savings fund. In the current market, more and more parents are turning to real estate.
The fact that real estate markets have been battered in recent years is exactly the reason why now is an excellent time to encourage your clients to buy. Nationwide, home prices are down to 2003 levels—a 30 percent drop from their 2006 peak. The current inventory of foreclosed properties—18.4 million according to recent estimates—represent even bigger bargains.
Read More
|
|
