Bank of America Streamlines Short Sale Process & Timeline
-10/26/11
Bob Hora, Bank of America's SVP of Mortgage Servicing, was recently being interviewed by Alex Charfen, the CEO of Charfen Institution on October CDPE member broadcast. Hora commented on improvements to the bank's short sale processes.
1. Targeted solicitations & outreach:
- Bank of America proactively contacts delinquent homeowners by sending out a package contains information about options to avoid foreclosure; explaining what short sale is; providing a short sale check list, the goal is to keep the homeowners at home to prevent foreclosures. This benefits the homeowners, the investors, as well as the short sale agents.
2. Streamline process & timelines:
- Assigning short sale agents much earlier in the process.
- Improves short sale approval rates;
- Allowing listing agent to do a back up offer without completely redoing the whole short sale process.
3. Customer Service Improvement:
- One single customer case contact.
- Keep homeowners engaged by communicating constantly with the agents.
- Homeowners & agents can go to BoA’s Home Transition Site to keep track of the short sale process.
- Service Level Agreement (SLA).
- Have a short sale escalator system in place.
4. Education Community Services:
- Foreclosure prevention education.
- Home Transition Guide is currently being mailed out to homeowners.