LoanRateNetwork
LoanRateNetwork
LoanRateNetwork
1-000-000-0000 BECOME A PARTNER
1-000-000-0000 BECOME A PARTNER
1-000-000-0000 BECOME A PARTNER
Bank of America Splits Mortgage Unit
Bank of America Splits Mortgage Unit
Bank of America Splits Mortgage Unit
Helpful
Tools
Mortgage
Calculator
Estimate your monthly payment for a home purchase or refinance
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about mortgage loans to find the one that's right for you
15 Year vs 30 Year
Loan Comparison
Compare payments between a 15 year and 30 year mortgage loan
Today's Mortgage
Rates
See today's current mortgage rates. Shop, compare and save.

February 8, 2011 (Jeff Alan)
mortgages-bofa-image
Bank of America is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The new unit, Legacy Asset Servicing, will be charged with resolving issues involving faulty paperwork that had led the bank to temporarily suspend foreclosures across the country for nearly two months in October. The new unit will also handle mortgage modifications and buyback claims on bad loans sold to investors.

The move is the latest in a series of management shifts since Brian Moynihan took over as CEO in January 2010.

Bank of America Home Loans will continue to handle new loans and the servicing of loans, or collection of monthly payments, that are up-to-date. It will be continue to be led by Barbara Desoer, who has run the unit since 2008.

Bank of America wrote $306 billion in new mortgages in 2010 and completed more than 775,000 permanent loan modifications, including more than 100,000 through the Home Affordable Modification Program (HAMP).

Bank of America Home Loans lost $8.92 billion in 2010 and has been battered by a stream of lawsuits, mostly focused on bad loans it acquired when it purchased Countrywide in 2008.

Separately, the company said it will exit the reverse mortgage origination business and shift the staff from that business to other mortgage operations. Customers with pending reverse mortgage loans will be allowed to continue through the process, and the existing loans will remain in force. The bank has about 100,000 existing reverse mortgages outstanding.

Tags: BofA, mortgage unit, mortgage business, loan products, mortgage modifications, loan modifications, hamp, countrywide, reverse mortgages

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

February 8, 2011 (Jeff Alan)
mortgages-bofa-image
Bank of America is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The new unit, Legacy Asset Servicing, will be charged with resolving issues involving faulty paperwork that had led the bank to temporarily suspend foreclosures across the country for nearly two months in October. The new unit will also handle mortgage modifications and buyback claims on bad loans sold to investors.

The move is the latest in a series of management shifts since Brian Moynihan took over as CEO in January 2010.

Bank of America Home Loans will continue to handle new loans and the servicing of loans, or collection of monthly payments, that are up-to-date. It will be continue to be led by Barbara Desoer, who has run the unit since 2008.

Bank of America wrote $306 billion in new mortgages in 2010 and completed more than 775,000 permanent loan modifications, including more than 100,000 through the Home Affordable Modification Program (HAMP).

Bank of America Home Loans lost $8.92 billion in 2010 and has been battered by a stream of lawsuits, mostly focused on bad loans it acquired when it purchased Countrywide in 2008.

Separately, the company said it will exit the reverse mortgage origination business and shift the staff from that business to other mortgage operations. Customers with pending reverse mortgage loans will be allowed to continue through the process, and the existing loans will remain in force. The bank has about 100,000 existing reverse mortgages outstanding.

Tags: BofA, mortgage unit, mortgage business, loan products, mortgage modifications, loan modifications, hamp, countrywide, reverse mortgages

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

February 8, 2011 (Jeff Alan)
mortgages-bofa-image
Bank of America is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The new unit, Legacy Asset Servicing, will be charged with resolving issues involving faulty paperwork that had led the bank to temporarily suspend foreclosures across the country for nearly two months in October. The new unit will also handle mortgage modifications and buyback claims on bad loans sold to investors.

The move is the latest in a series of management shifts since Brian Moynihan took over as CEO in January 2010.

Bank of America Home Loans will continue to handle new loans and the servicing of loans, or collection of monthly payments, that are up-to-date. It will be continue to be led by Barbara Desoer, who has run the unit since 2008.

Bank of America wrote $306 billion in new mortgages in 2010 and completed more than 775,000 permanent loan modifications, including more than 100,000 through the Home Affordable Modification Program (HAMP).

Bank of America Home Loans lost $8.92 billion in 2010 and has been battered by a stream of lawsuits, mostly focused on bad loans it acquired when it purchased Countrywide in 2008.

Separately, the company said it will exit the reverse mortgage origination business and shift the staff from that business to other mortgage operations. Customers with pending reverse mortgage loans will be allowed to continue through the process, and the existing loans will remain in force. The bank has about 100,000 existing reverse mortgages outstanding.

Tags: BofA, mortgage unit, mortgage business, loan products, mortgage modifications, loan modifications, hamp, countrywide, reverse mortgages

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

LoanRateNetwork

LoanRateNetwork is an independent marketing leads generator. We are not a loan broker or lender. LoanRateNetwork is an advertising supported publisher and loan rate comparison service that is compensated by third party affiliates for the information you provide to us through the featured placement of sponsored products and services or by clicking on links posted on this website. Not all companies or products are represented through this website. Usage of this site is only available to persons in the continental United States, Alaska and Hawaii.
Copyright 2010 - 2021 LoanRateNetwork.com | All Rights Reserved
The information contained in this website is for general information purposes only. We make no representations or warranties of any kind, expressed or implied, about the completeness, accuracy, or reliability of the information, products, or services contained on the website. Any reliance you place on such information is therefore strictly at your own risk.