Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 18, 2013 at 3:19am

It is the Investor who owns the loan that Service Transfers the loan to a different servicer not BofA so in many cases BofA doesn't know the loan is being transferred until it happens.  I now take very few Short Sales as they have become a waste of time.

Permalink Reply by Anna Chroscicki on December 18, 2013 at 5:45am

In no way, shape or form I am trying to protect Bank of America ( believe me - brrrrr). But is it Bank of America who transfers loans or Fannie Mae/ Freddie Mac ?

Ooops...Just when I was finishing this reply I noticed you already have somebody who said the same thing ( So I will say I agree with Thom Colby).   

Permalink Reply by joe beauchamp on December 18, 2013 at 8:46am

Between FNMA and BofA, I do have to wonder. I had one go to NStar and I hopped up and down for 60 days, while things moved very slowly, as usual, and the file got bounced back to BofA. I did not communication with the investor.

This was maybe a year after the article about how FNMA swooped in and bought $500MM servicing rights from a BofA auction just after a couple of possible contenders got to see the offerings but it never made it the auction block. There was a huge question as to why FNMA would be buying rights from BofA - it clearly appeared like a gov't engineered gift to BofA, especially since 2 of the groups that saw the offerings said they were something like 20% good paper while BofA said they were something like 90% good paper.

So, it is not clear to me, with all the bank political, uh, "participation" into lawmakers, etc. pockets, whether BofA has less control than they let on. Not above board, i.e. public, but there, none the less, no?