BoA Origination Executive Named Short Sales/REO Honcho

Bank of America Home Loans, Calabasas, has named an origination executive, Matt Vernon, to lead its effort in residential short sales and REO dispositions. Mr. Vernon will move from the bank's production unit over to its servicing division in an effort to move foreclosed properties off its balance sheet. Thanks to its acquisitions of Countrywide Financial Corp., and Merrill Lynch & Co., BoA has one of the largest portfolios of troubled mortgages in the nation, according to nonperforming loan figures compiled by National Mortgage News. "The distressed economy is creating extraordinary volume on mortgage servicers in short sales and post-foreclosure REO activities," Mr. Vernon said in a statement. "We know we need to improve processes and efficiencies in these areas." Prior to his new assignment he worked for the bank as an enterprise sales executive, leading its origination and cross-selling efforts through BoA's 6,000 retail locations.