Fire The Bums
Here's the frustrating dichotomy with BoA. They desperately want to be efficient. They want to do better. More than any other company they put on seminars and try to educate agents. They make promises, which I believe they mean, about speeding up and stream-lining the process. Equator itself is a monument to their attempt to do this. But in the real world, intentions don't count. They are so massively over beaurocratized that there is no way they will be able to achieve their goals unless there is a fundamental change in internal structure and communication. I often find extremely nice personnel who are trying, but who are hampered by the system.
Case in point. Recently successfully closed a case we have come to think of as "complicated". Attempted refi. Big write off. Divorce. Wife and ex active bankruptcies, 7 and 11. 3 lawyers (2 for him, one for her). Client's ex oppositional. House quit claimed but other spouse on deed. Vicious 2nd lien holder with demand for payment larger than BoA allows. In order to close HAD to have BoA release client from potential deficiency judgement, via HAFA or other. I hear your groan, I see you shudder.
But hang on! Other than the oppositional spouse, why should this be complicated? It shouldn't. All these issues I've mentioned have simple 3 sentence solutions. But when we see a fact set like above we KNOW its going to be hell, that BoA is going to stomp and grind us and make us bleed. But it is NOT because of the issues. It is because of their highly regimented, segmented, bureaucracy in which the various departments not only do not know what the other is doing,they can't even see each other's data.
It's a leadership problem more than anything else. Famously, when Bill Gates realized the significance of the internet in 1995 he massively reorganized Microsoft to develop Explorer and by 1997 had reduced Netscape's (remember them) market share to 40%.
The blame for the miserable performance of BoA lies squarely with top brass. You know, the guys with the multi million dollar salaries. Fire the bums and start again.
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Did BofA own this loan? Were the BKs already discharged? You said: "House quit claimed but other spouse on deed." Is there a 3rd / new spouse?
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Permalink Reply by Tori Lee on
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Your deal sounds awful and I am sure was very complicated...amazing you closed it.
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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Nothing like a simple short sale. Sort of like the one I am doing with a lady on disability. BA not only knowingly ignored HUD's directive to issue PSF, but foreclosed and sent HUD an email saying we deny your request HUD. HUD fires back with we claim blocked the loan and to immediately rescind the foreclosure. I have communicated with all parties. HUD, Foreclosure attorneys and BA. BA sent me to REO and REO says they have nothing on in their system. Not done yet.
Today homeowner gets a notice to vacate in 10 days. Remember homeowner is on disability. Tweeted BA twice and emailed escalation twice in the past week. NO RESPONSE from BA. Nobody knows where in the black whole the file fell into at BA! Any help would be appreciated.
Too big to fail? Things have gone from bad to worse. We have yet to see all the damage done by Bill Clinton, when he changed the banking laws (FDR Federal Reserve and Banking Bill) to allow banks to own anything and everything. The change is taking place now. Banks are controlling all financial markets, something FDR's bill specifically prevented after the stock market crash. It needs to be brought back and the banks broken up.
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Permalink Reply by joe beauchamp on
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"Who" is going to fire the bums? Banks own the politicians (did you see the anti-tongue-lashing "given" jpmorgan chase CEO? "Hey, boss, are we making the right laws for you?"), they defang or take over laws/organizations (anyone bother to recommend going to OCC with a complaint anymore?), and the big investors (freddie, fannie) spend all their time sucking money out of the feds - let the taxpayers eat cake.. Nah, ain't gonna happen - the banks are in charge..
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