Tag Archives: Bank of America

Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo. The reports confirmed that banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead of schedule.

Bank of America filed a Worker Adjustment and Retraining Notification (WARN) with the Texas Workforce Commission (TWC), alerting the TWC of impending layoffs in three of the bank's North Texas offices. The notice was sent on March 3, detailing layoffs of 114 workers from two offices in Plano, Texas and one in Richardson, Texas.

Bank of America laid-off more workers, releasing 280 workers in the mortgage operations area in St. Charles, Missouri. The Charlotte, North Carolina-based business is closing a department that oversaw mortgage operations, leaving 90 workers in the St. Charles Office. The lay-offs continued from earlier in the week, when Bank of America reportedly planned to let go of 450 workers in their West Coast offices.

Bank of America, the second-largest U.S. lender, is cutting 450 mortgage jobs from its West Coast Offices. The lending giant is reducing staff after new loans fell short of internal forecasts. In a report by Bloomberg, affected employees were told yesterday that workers involved in processing home loans would be let go.

Berkshire Hills Bancorp, Inc., announced Tuesday that its banking subsidiary, Berkshire Bank, has completed the previously announced acquisition of 20 retail bank locations from Bank of America, effective January 17, 2014. As a result of the transaction, Berkshire acquired approximately $450 million in deposits and $4 million in loans as of January 14, 2014, bringing the total number of branches in Berkshire's footprint to 91 across New England and New York.

The fizzle of 2012's refinance boom and the publishing of new regulatory guidelines took their toll on origination numbers, but it was a decidedly different story for mortgage servicing rights (MSR) deals. DSNews.com takes a look back at some of the biggest wheelers and dealers in the MSR world over the past year, including Nationstar, Ocwen, Walter Investment Management Corp., and Two Harbors, among others.

The city of Los Angeles has launched a series of lawsuits against three of the nation's largest banks alleging they persisted in discriminatory lending practices that contributed to more than 200,000 foreclosures between 2008 and 2012 that cost the city more than $1.2 billion. The lawsuits charge all three banks with redlining and reverse redlining; the banks, however, deny the allegations.

The servicer assessment component of the Making Home Affordable (MHA) program has been enhanced with new compliance metrics and benchmarks to measure the impact of servicer performance on the borrower's experience. Individual servicer assessments are conducted quarterly to identify areas of non-compliance and drive improvements in servicers' execution of the federal program.

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

Bank of America has agreed to pay Freddie Mac $404 million to be released from existing and future repurchase claims on approximately 716,000 loans originated in the last decade by BofA and sold to the GSE. The payment also compensates Freddie Mac for past and future mortgage insurance-related losses on the loans, but doesn't cover loan servicing obligations or private-label securities.