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Bank of America Hires New Short Sale and REO Executive

Posted on Tuesday, February 09

Bank of America Logo

Courtesy of The Financial, here is some potentially positive news coming out of Bank of America: a new Short Sale executive has been hired!

The good news is that Matt Vernon, the new Short Sale and REO exec, recognizes the volume of short sales that Bank of America deals with. Among other things, he is charted with:

 

...(Matt will) implement initiatives to manage and streamline the bank’s efforts to use short sales and other property liquidation tools to prevent foreclosures and oversee the management and marketing of properties in the bank’s real estate owned portfolio.

 

His own quote shows his commitment to improving the process:

 

“The distressed economy is creating extraordinary volume on mortgage servicers in short sales and post-foreclosure REO activities,” Vernon noted. “We know we need to improve processes and efficiencies in these areas. We have begun taking productive steps, and I look forward to working with real estate professionals, customers, investors and our team on ways we can accelerate that progress.”

 

We have talked in these posts before about the volume issues that Bank of America faces, and the frustration of many who handle Short Sales with this lender. It's good to see the new guy on board is making statements right out of the gate addressing the concerns that many have. It's also encouraging that he specifically mentions the customer base he hopes to work with - real estate professionals, and investors.

The final blurb about him:

 

“Throughout his 15 years with Bank of America, Matt has demonstrated tremendous acumen in strategic planning, performance, customer focus and other areas that will serve him well in his new position,” said Rebecca Mairone, national servicing executive for Bank of America Home Loans. “This gives him a clear understanding of realty markets and the real estate professionals who play such an important role in short sales and REO marketing.”

 

We tried to do some research on whether this was a newly created position; or if it wasn't, who was running it previously, but didn't come up with anything. It's going to be particularly interesting to see if this lives up the promises made. Bank of America has built itself quite a reputation in the REO / Foreclosure / Short Sale marketplace for being notoriously difficult and time-consuming to work with; so ultimately any news of an improvement or growth in the staff or management should be a positive sign.

What are your thoughts?

 

 

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Comments (6)

  1. Tiny_1399288271-avatar-wcj786

    I concur that this could be a good sign, but will reserve judgment until I see a change in their direction. There have been too many times when words do not meet deeds. I still hold out hope that this time, the deeds will match the words, though. I can not see this as a negative in any way, only a positive. But, the actions must match the rhetoric.


  2. Tiny_1399289313-avatar-hometownhero

    Great to see this post Nick. Hopefully a sea change for BOA. I had been told that the executive previously in charge of REO's and short sales viewed REO's as the most cost effective and efficient way to liquidate distressed properties and put little emphasis on the short sale procedure. It has been easy to see that was the case if you have had the priveledge of dealing with them on a Short. At least there is some hope.


  3. Tiny_1399287529-avatar-crosswind_

    The current plans for BofA is to send ALL potential Short Sales into the Equator system. This action is suppose to take place by March 2010. So, personally I hope the best for BofA. But they are not investor friendly, so I will take my business elsewhere. Great article, thanks for the update!


  4. Tiny_1399402262-avatar-shortsaleart

    James, is Equator actually handling the transactions though? Or is it just a software system that BofA loss mit agents will work through? I had the impression it was the latter...


  5. Tiny_1399289709-avatar-blackhawk99

    BOA loss mits are simply using equator as a document management tool. Sometimes they will post updates through equator, otherwise you have to call in to check statuses.


  6. Tiny_1399398284-avatar-tedakers

    Good post Nick. Hopefully good news. However, BofA seems to have such a corporate culture of not giving a HOOT about customers and the attitude seems to run throug the organization, from short sales to mortgages to nose bleed credit card rates after taking TARP funds.


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