BAC Home Loan Servicing LP, the behemoth, has combined to become one of the largest loan servicers, if not THE largest loan servicer in the world. It doesn’t come though without changes. Week 2 of “Integration” brings on the new policy about authorizing 3rd parties verbally. While some companies such as IndyMac accept 7 day verbal authorizations it used to be for Bank of America and Countrywide that an authorization given verbally would only last for that phone call.
Now with new company structure comes some new company policies. In this case there is a new one day verbal authorization procedure that has come into play so authorizations given verbally will no last for an entire 24 hours.
Many times we use this for our clients in order to be able to briefly get some information in a crunch.
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.
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