Bank of America is making a series of changes affecting the way we service mortgage loans to align with the new mortgage servicing standards announced by the Consumer Financial Protection Bureau (CFPB). The servicing standards, which become effective January 2014, are an extension of our work to make customer interactions easier. Homeowners will be able to explore all loss mitigation options (including modification, short sale or deed in lieu) for which they may be eligible.
How will the changes benefit B of A customers and business partners?
Earlier single point of contact assignment: Homeowners who need assistance are encouraged to contact B of A early. Newly delinquent customers will continue to be proactively assigned a Customer Relationship Manager (CRM). The customer’s CRM will provide immediate support during the document collection process and will begin conversations about possible resolutions to their circumstances. Contact your Customer Relationship Manager directly or by calling 1.800.669.6650.
Streamlined financial document collection process: Customers who request assistance will now submit a single package that includes all documents required for all loss mitigation options (including modification, short sale and deed in lieu) for which they may be qualify. A letter will be mailed to customers to provide details on the required documents. Once received, the complete package serves as the basis for conducting an evaluation of all options that may be available. This will minimize the need to request additional documents.
Comprehensive evaluation process: As part of the new process, a short sale record will be automatically opened if the home retention evaluation indicates the customer does not meet eligibility requirements to retain the property. If you are interested in proceeding with the short sale evaluation, advise the short sale specialist to add the real estate professional of your choice to the file. To save time and avoid delays with the short sale evaluation, make sure that you have explored and been evaluated for all available home retention options prior to beginning the short sale process.
Improved communication: Significant improvements have been made to customer communications making it easier to understand what steps need to be taken, what is involved in the evaluation and how an appropriate solution is identified for you. Upon completion of the evaluation, B of A will provide homeowners with one notification that will list all options and programs for which you were evaluated along with the approval or denial decision.
The purpose of these enhanced standards is to provide customers more transparency in the evaluation process and help them pursue all options that may be available if they are having difficulty making their payments.