Bank of America 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.
The bank said that all loans have been boarded on the BAC home loans servicing system. Each affected homeowner will receive a welcome letter confirming the transfer and providing the new Bank of America mortgage account number.
The bank has added that in the meantime, Ginnie Mae advises former TBW customers with Ginnie Mae-securitized loans to continue to make their regular payments.
Recently, Ginnie Mae announced that it was ending TBW’s ability to continue to service Ginnie Mae-securitized loans and that the loans serviced by TBW were being transferred to BAC Home Loans Servicing (a Bank of America subsidiary and the government corporation’s master sub-servicer) under a long-standing agreement. These are government-guaranteed loans financed through FHA, VA, the Department of Agriculture’s rural development program, and the Office of Public and Indian Housing. However, the bank said that it will not become the new servicer of all TBW-serviced loans.
Michael Keating, national servicing executive of Bank of America, said: “Bank of America Home Loans is pleased and fully prepared to welcome these homeowners to the largest and one of the most advanced servicing platforms in the mortgage industry. 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.
