Recently as of 10-21 a notification was sent out to all Bank of America homeowners about changes that were taking place on their accounts. Well if your clients are anything like ours you’ll note that some how hundreds of people did not get this letter in the mail. Either because Bank of America foresaw that this was going to be a problem or because they are just overly prepared they went ahead and provided the customer service with a nice little program to allow for them to convert the old loan numbers into the new ones. Now, BAC Home Loan Servicing LP, is the new company that is going to be left after all the dust settles.
Now, they are not actually doing any conversions themselves as only deciphering what the new loan number is which either means that there is some sort of database where the two numbers are being cross referenced or there is some sort of algorithm that was applied in the assignment of all the new loan numbers. Either way this is a sign of things to come and as the company comes together for its final merge as of yesterday we are sure the problems are going to get a lot worse before they get any better.
We deal with all of these problems for homeowners, agents, attorneys and buyers but who is going to manage this if there is no other company like ours involved? Definitely a lot of heartache!
Jonathan Katz started in the Loss Mitigation industry in early 2000's. He worked for the one of the largest loan servicers in the US in their loss mitigation/foreclosure department. Through a work flow of 600 cases a month and several years of experience he created an organization in 2005 dedicated to helping homeowners. Now he is taking the next step and putting out the information that even professionals will benefit from.
Sign In Here
