BofA gets low marks in Trea­sury re­ports

The Pak Banker - - Company& -

NEW YORK: Bank of Amer­ica (BofA) rou­tinely takes longer than its peers to an­swer phone calls from bor­row­ers with dis­tressed home loans and loses the high­est per­cent­age of calls, too, six months of Trea­sury Depart­ment re­ports show.

BofA's an­swer­ing time has av­er­aged 40 sec­onds or more each month since May, when Trea­sury be­gan col­lect­ing call­cen­ter data from the eight largest ser­vicers in its mort­gage mod­i­fi­ca­tion pro­gram. BofA, (BAC) the largest U.S. bank and the largest mort­gage ser­vicer, had the slow­est an­swer­ing speed in four of the six months. BofA lost the high­est per­cent­age of calls in five of the six months, in­clud­ing Oc­to­ber when its aban­doned call rate was more than 3%, the re­ports show. BofA suf­fered an­other blow Dec. 17 when the Ari­zona and Ne­vada attorneys gen­eral filed sep­a­rate law­suits ac­cus­ing it of mis­lead­ing bor­row­ers seek­ing loan mod­i­fi­ca­tions. The Ari­zona com­plaint char­ac­ter­ized BofA as rank­ing "last in vir­tu­ally ev­ery home­owner ex­pe­ri­ence met­ric" tracked in Trea­sury's re­ports.

The re­ports also show that BofA has one of the low­est rates among 17 large ser­vicers in the govern­ment's Home Af­ford­able Mod­i­fi­ca­tion Pro­gram (HAMP) for con­vert­ing trial loan mod­i­fi­ca­tions to per­ma­nent ones.

BofA says that help­ing cus­tomers stay in their homes is a "top pri­or­ity," that it's done 746,000 loan mod­i­fi­ca­tions since Jan­uary 2008 and that it's work­ing to im­prove its con­ver­sion rate. Since HAMP's start last year, BofA says, the bank leads the in­dus­try with 93,500 per­ma­nent mod­i­fi­ca­tions started. BofA says its au­to­mated an­swer­ing sys­tem is bet­ter de­signed to iden­tify callers' needs and trans­fer them to the right peo­ple than com­peti­tors' sys­tems. -PB News

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.