Bank of America’s SVP Eric Tellijohann Provides an Advance Update on the National Mortgage Settlement Progress
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BofA’s SVP Eric Tellijohann Provides an Advance Update on the National Mortgage Settlement Progress
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Piggybankblog posted on 11/17/12
Cross linked mandelmanmatters
Bank of America’s Senior Vice President Eric Tellijohann is the bank’s executive in charge of implementing the National Mortgage Settlement. In this regard his specific title is “Credit Loss Mitigation Strategy Executive.”
Eric is a very bright and dedicated executive who’s been with the bank for about 16 years, if memory serves and he’s absolutely focused on fulfilling the bank’s commitment under the terms of the settlement.
He’s also very candid about what’s happening at Bank of America and on this podcast he talks about where the bank is excelling and where they still have room to improve. If you want to know what’s going on inside BOA as of the end of the second quarter of the National Mortgage Settlement… here’s your chance to hear it straight from the source.
And you won’t find it anywhere else like you’ll find it here… in advance of the monitor’s report… on this Mandelman Matters Special Newscast with Bank of America’s Eric Tellijohann.
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1 Comment
Great podcast on how Bank Of America is better handling default situations. Progress is being made on plain vanilla issues, but there are still many, many situations falling through the cracks. And finding someone to talk about them is virtually impossible. Here’s an example:
One of the CWALT Trusts owns a condo mortgage that is almost 4 years delinquent. The owner was discharged in bankruptcy 3.5 years ago and gutted the unit when she left. BofA is the master servicer and hasn’t initiated foreclosure so the association was forced to do a judicial foreclosure just so that it could legally enter the condo and maintain it.
Association wants to figure out what to do with the Condo, but BofA won’t talk to anyone without a authorization to release information from the person on the promissory note. But that person was discharged in bankruptcy and can’t be found. And that person no longer has title to the property.
The association has no idea if/when BofA will initiate a foreclosure, and is therefore unwilling to make the investment necessary to bring the unit into rentable condition.
It’s sitting there as a dead asset, requiring others to cover it’s monthly dues, utilities and insurance.
…I know others have bigger problems…
While BofA may be making progress on vanilla issues, there are others where things are still dragging.
Please feel free to forward this to the BofA folks. I’m interested in hearing how BofA is putting processes in place to handle exception situations like this one. And would love to have a contact to speak to.