February 8, 2010

Short Sale and REO Executive Appointed at Bank of America Home Loans

According to a recent company announcement, Matt Vernon has been named short sale and real estate owned (REO) executive for Bank of America Homes Loans.

In his new position, Vernon will develop and implement initiatives to manage and streamline the bank’s efforts to use short sales and other property liquidation tools to prevent foreclosures. In addition, Vernon will oversee the management and marketing of properties in the bank’s REO portfolio.

“The distressed economy is creating extraordinary volume on mortgage servicers in short sales and post-foreclosure REO activities,” Vernon said. “We know we need to improve processes and efficiencies in these areas. We have

begun taking productive steps, and I look forward to working with real estate professionals, customers, investors, and our team on ways we can accelerate that progress.”

Vernon, a 15-year veteran of the financial industry, moves to the loan servicing division from roles in the bank’s residential mortgage origination business. His most recent position in new loan production was as enterprise sales executive, leading mortgage originations and cross-selling efforts through Bank of America’s network of more than 6,000 banking centers.

Previously, Vernon led the bank’s consumer real estate retail sales channel, overseeing 150 offices and more than 2,000 mortgage loan officers. He began his Bank of America career in a banking center in Baltimore and was promoted to broader leadership positions to become division executive sales manager over 479 banking centers in five Mid-Atlantic states before moving into consumer real estate financing.

“Throughout his 15 years with Bank of America, Matt has demonstrated tremendous acumen in strategic planning, performance, customer focus and, other areas that will serve him well in his new position,” said Rebecca Mairone, national servicing executive for Bank of America Home Loans. “This gives him a clear understanding of realty markets and the real estate professionals who play such an important role in short sales and REO marketing.”

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baton rouge foreclosures - January 10, 2011 Reply

The media accurately reports that the number of homes that are “underwater,” that is, worth less than the debt owed on them, dropped in the third quarter. Once again, that sounds like good news. But because this drop is largely due to mounting foreclosures rather than a rise in property values, what we have is another sign of things not getting better, but worse. People are going to need more help from Brookstone, and others, not less.

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