BAC Homes Loans and Bank of America

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America will be able to serve the majority of eligible customers – homeowners whose mortgages are serviced by Bank of America or Countrywide and who do not have mortgage insurance on their current loans. Additional borrowers will be included as systems become operational. Bank of America announced that it has completed the transfer of the servicing of about 180,000 Ginnie Mae-securitized mortgage accounts previously serviced by Taylor, Bean and Whitaker (TBW) to its home loans servicing portfolio. Letters welcoming those homeowners to Bank of America will be mailed this week and should arrive by September 4.

Michael Keating, national servicing executive of Bank of America said “Bank of America BAC Home Loans are pleased and fully prepared to welcome these homeowners to the largest and one of the most advanced servicing platforms in the mortgage industry,” also “We are striving to make this a smooth and efficient transition and to begin offering former TBW customers the full range of our world-class services as soon as possible.”

Now, that all loans have been boarded on the BAC Home Loans servicing system. The Buyer Agent Commission (BAC) that is larger than what is generally offered.  Most home sellers offer a commission of 6 percent to the agents that assist to sell their homes.  Half of the commission or 3 percent goes to the agent that listed the home for sale.  The other 3 percent goes to the agent who represents the buyer in the transaction.  By offering an inflated BAC, the listing agent is hoping that the agent representing the buyer will show and recommend their home before the home that only has a 3 percent commission. This service is providing by the Bank of America who assures homeowners that during this transition if TBW, rather than BAC Home Loans Servicing, receives a payment in timely fashion, no late fee or derogatory credit reporting will be imposed with respect to that payment and the payment will not be treated as late for any other purpose. This protection will remain in place through the October payment period.

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