Bank of America is tripling its network of residential assistance centers, hoping to reach more troubled borrowers in 22 states and help them avoid foreclosure.
The nation’s largest servicer currently has 12 assistance centers, including five that were opened in the first quarter.
By early summer, the Charlotte-based banking company expects to have 40 centers up and running, including seven in California, which boasts one of the highest delinquency rates in the U.S. Two centers will be opened in Detroit.
B of A national outreach executive Rebecca Mairone noted that reaching troubled borrowers and getting them to talk to the right servicing employee is a difficult challenge. "We have made a commitment to double our outreach staff this year, provide our customers with more ways to contact us and in locations that are as convenient and comfortable as possible," she said.
The bank’s servicing department completed 64,000 loan modifications in the first quarter, including 26,000 permanent modifications under the government's Home Affordable Modification Program. The modified loans had an unpaid principal balance of $14 billion.
