Bank of America Exposed.

Bank of America has recently been exposed by a former worker. After years of being stalled by Bank of America about lost faxes, and being told the short is being reviewed the truth comes out. Bank of America and other servicers get paid by servicing loans. If a loan goes away so does their servicing fees they collect.

http://www.huffingtonpost.com/2013/06/14/bank-of-america-lied_n_3444014.html?1371247614&utm_hp_ref=business

The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp and Bed Bath & Beyond Inc.

For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing.

About twice a month, the bank cleaned out its HAMP backlog in an operation called “blitz,” where it declined thousands of loan modification requests just because the documents were more than 60 months old, the court documents say.

The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.

At Team Olsewski, we’re dedicated to providing you with valuable information and insights in the changing mortgage environment. For more about other resources to help you manage and grow your business, please contact us.