Tag Archives: Bank of America

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp, entered into agreements with Bank of America and Berkadia Commercial Mortgage that will lead it to become one of the nation's largest commercial mortgage servicers. According to a company release, the KeyBank agreement with BofA includes a CMBS special servicing portfolio of about $14 billion.

New York Attorney General Eric T. Schneiderman revealed plans Monday to take legal action against Bank of America and Wells Fargo for allegedly violating terms under the national mortgage settlement reached in February 2012. Schneiderman's office is accusing the banks of 339 servicing violations related to the timeline for processing mortgage modifications. ""Attorney General Schneiderman has referenced 129 customer servicing problems which we take seriously and will work quickly to address,"" a BofA spokesperson stated in an email.

BofA reported Wednesday net income of $2.6 billion for the first quarter of 2013, up from $653 million the same quarter last year. On the residential lending front, the company reported lower mortgage banking income, largely as a result of lower servicing income. However, first-lien mortgage production rose 57 percent to $24 billion, approximately 91 percent of which was for refinances. In addition, the number of 60-plus day delinquent first mortgage loans dropped by more than 100,000 from Q4, falling to 667,000.

Bank of America announced it has completed or approved nearly $30 billion in relief to more than 330,000 homeowners as of the end of 2012.

After announcing Monday the sale of nearly $306 billion in mortgage servicing rights (MSRs) on 2 million loans, Bank of America might be looking to unload a little more. Reuters first reported Tuesday that the bank is planning to sell rights on at least another $100 billion of mortgages. BofA is likely to announce more MSR sales in the next several weeks, according to two unnamed sources who spoke to Reuters.

Walter Investment Management Corp. announced two definitive agreements Monday-one with Bank of America and another with MetLife Bank.

Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires BofA to pay the GSE $1.3 billion in compensatory fee obligations. BofA simultaneously announced its intent to sell the servicing rights of 2 million mortgage loans to specialty servicers.

Speaking before the Brookings Institution in Washington, Bank of America CEO Brian Moynihan raised the issues of whether homeownership is right for everyone and how the mortgage market will be financed in the future. While most Americans continue to include homeownership in their personal image of the American dream, Moynihan says, ""as a just democratic society, we owe all our citizens a safe, good place to live, but a roof over one's head doesn't always have to come with a mortgage. In some cases, it shouldn't come with that.""

Agents who initiate a short sale without an offer and participate in the Home Affordable Foreclosure Alternatives (HAFA) or the bank's Cooperative Short Sale program can submit documents using an electronic signature, the bank explained.