Bank of America has completed the boarding of about 180,000 Ginnie Mae-securitized mortgage accounts previously serviced by Taylor, Bean and Whitaker (TBW) on its BAC Home Loans Servicing system.
Borrowers should receive welcome letters that include new Bank of America mortgage account numbers by Sept. 4, the company says.
‘We are striving to make this a smooth and efficient transition," comments Michael Keating, national servicing executive at Bank of America.
Ginnie Mae had previously announced that its securitized TBW-serviced loans serviced would be transferred to BAC Home Loans Servicing, Ginnie Mae's master subservicer, under a longstanding agreement.
During the transition, if timely payments are received by TBW, rather than BAC Home Loans Servicing, 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. Bank of America is keeping the protection in place through through the October payment period.
Borrowers who were in the process of negotiating workouts with either TBW or Sparta Special Servicing have had their information forwarded to Bank of America's homeownership retention specialists, the company adds.
TBW's Freddie Mac portfolio is being split among Cenlar, Saxon and Ocwen. According to TBW's Web site, current borrowers will have their loans serviced by Cenlar, while delinquent loans will be administered by Saxon or Ocwen.
SOURCE: TBW, Bank of America