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BofA Presentation. Legacy Asset Servicing

BofA Presentation. Legacy Asset Servicing

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Published by ritholtz
Bank of America addresses the mess from Countrywide, Merrill and other ill thought out acquisitions.
Bank of America addresses the mess from Countrywide, Merrill and other ill thought out acquisitions.

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Categories:Business/Law, Finance
Published by: ritholtz on Mar 09, 2011
Copyright:Attribution Non-commercial

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04/01/2013

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egacy sse ervcng
Terry LaughlinLegacy Asset Servicing Executive
 
Key Takeaways
Split of Legacy Asset Servicing from Bank of America Home Loans toaccomlish two oals:
!
Enable greater focus on the future of the mortgage business
!
Achieve resolution of legacy issues
 
Legacy Asset Servicing will focus on resolving legacy servicing and ownedportfolios
!
Provide delinquent customers with fair and transparent loan modification solutions
!
Continueto ensure timely execution of loss mitigation activities
!
Provide final resolution in decisions for customers, investors, and shareholders
Manage remaining legacy costs and exposures
2
 
Bank of America Home Loans and Legacy Asset ServicingScope of Responsibilities
Barbara Desoer 
President, Bank of America Home Loans
Terry Laughlin
Legacy Asset Servicing ExecutiveFirstMortae&HomeEuitloanoriinationsHomeLoanDefaultServicin 
 
 –Credit policy and management, productdevelopment and pricing –Consumer sales channels and referralpartners  –Outreach –Collections –Modifications –Short-sale, Deed-in-Lieu, Foreclosures –orresponenan areouse enng –Underwritingand fulfillment –SecondarymarketingHome Loan Servicing –ea sae wneLegacy Portfolio Management –Home retention and loss mitigationstrategies –Customer Service –Servicing Operations –Investor Remittance –Portfolio liquidationsRepresentations & Warranties Resolution –Government Sponsored Enterprises (GSEs)  –Closing Services –Post Closing & Central ServicesInsurance Services –  –Monolines
3
 –Credit Protection –Balboa Insurance Group throughtransaction execution

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