National Closing Center

Archive for the ‘loan servicers’ Category

Delinquent loans are everywhere and banks do not have enough qualified staff to deal with onslaught of SOS requests. However, some loan servicers are doing better than the others. According to an analysis by Moody’s Investors Service, Bank of America has demonstrated the weakest performance measured both by its speed in resolving the status of delinquent loans and by its proportion of delinquent loans that have yet to be resolved.

On the other hand, the ratings agency found that GMAC Mortgage has generally performed better than its peers.

Moody’s concluded that Bank of America has performed the worst when it comes to resolving delinquent loans across all three asset classes examined – subprime, Alt-A, and jumbo.

Moody’s examined seven major servicers and their resolution of delinquent loans held in residential mortgage-backed securities (RMBS). In addition to BofA and GMAC, the subjects of the analysis included Wells Fargo, JPMorgan Chase, CitiMortgage, Ocwen, and Litton Loan Servicing.

It is only fair to say that most loan servicers are getting better, especially when it comes to short sale resoultion. BofA has also been a little bit easier to deal with lately. Nonetheless, since acquiring Countrywide, BofA has never  been the same.