Bank Of America Begins Making Home Affordable Refis

Posted by Orb Staff on April 13, 2009 No Comments
Categories : Residential Mortgage

f America says it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Department's Making Home Affordable program. In its first wave, Bank of America will be able to serve the majority of eligible homeowners whose mortgages are serviced by Bank of America or Countrywide and who do not have mortgage insurance on their current loans, the company says. Additional borrowers will be included as systems become operational. About one in every five mortgages in the U.S. is serviced by Bank of America. "Combined with historically low interest rates, this program has generated significant interest from borrowers seeking the benefit of lower mortgage payments," says Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services. Since the administration announced the program, nearly 200,000 borrowers have contacted Bank of America to determine their eligibility for refinancing, she adds. Bank of America is in the process of implementing the Home Affordable Modification component of the government's plan. In the next two weeks, the company expects to begin offering trial modifications. The bank adds that it has extended its voluntary moratorium on foreclosure of loans that may be eligible for the Home Affordable Modification program until April 30. The Bank of America and Countrywide mortgage brands are schedule to combine under the Bank of America Home Loans moniker on April 27. SOURCE: Bank of

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