Bank of America Mortgage Servicing
Bank of America (BofA) is the second-largest bank in the United States and one of the largest mortgage servicers. BofA's mortgage servicing practices have been the subject of some of the largest consu…
Portfolio Size
$300+ billion servicing portfolio (top 3 bank servicer)
Customer Service
800-669-6607
Loss Mitigation
855-698-7627
Website
Bank of America.comLoss Mitigation Programs
Bank of America offers the following loss mitigation programs. Availability depends on your loan type (FHA, VA, USDA, GSE conventional) and investor guidelines. Not all programs are available for all loans.
Servicing Practices
- Integrated with Bank of America consumer banking (single sign-on)
- Extensive nationwide branch network for in-person servicing inquiries
- Bank of America Home Loans division for servicing and loss mitigation
- Advanced online portal and mobile app with document upload
- Large internal compliance and legal department
- Specific procedures for legacy Countrywide loans
Foreclosure Timeline
BofA follows standard GSE/FHA timelines (120+ days). Post-settlement compliance requirements have made BofA's foreclosure process more deliberate than many servicers. In non-judicial states, BofA foreclosures typically complete in 120-200 days from referral. In judicial states, timelines vary significantly. BofA's settlement obligations and consent orders require specific documentation and review before foreclosure initiation, which can provide defenses if procedures aren't followed.
Consumer Complaint Patterns
BofA's CFPB complaint volume is high, consistent with its size. Common categories: loan modification processing, escrow account issues, payment application errors, and servicing transfer problems. Complaint resolution rates have improved significantly post-settlement. Legacy issues — particularly involving pre-2012 loans — still appear in complaint data.
Regulatory Actions & Enforcement
BofA has been subject to multiple CFPB, DOJ, and state AG enforcement actions, including: the $16.65 billion DOJ settlement (2014), the National Mortgage Settlement (2012), CFPB consent orders related to credit card and consumer banking practices, and CFPB fair lending actions. The CFPB has also issued a consent order against BofA for HMDA reporting violations. These enforcement actions mean BofA operates under enhanced regulatory scrutiny for mortgage servicing.
Homeowner Tips for Working with Bank of America
1. If your loan originated with Countrywide Financial (acquired by BofA in 2008), your loan may have documentation issues — request the complete file. 2. BofA's branch network is an advantage — schedule an in-person meeting with a Home Loans specialist who can pull up your file. 3. BofA's loss mitigation department (855-698-7627) has specific procedures required by its DOJ and CFPB settlements — ask about available programs and request written denials with specific reasons. 4. If BofA cites a program as 'unavailable,' ask which specific investor guideline precludes it — DOJ settlement obligations require transparency. 5. For borrowers who received a modification between 2011-2018, BofA's settlement obligations may provide additional procedural protections.
How Professional Law Assist Helps with Bank of America Foreclosures
BofA's dense regulatory history provides significant leverage for borrowers. We audit servicing files against BofA's specific settlement obligations and consent order requirements, identify RESPA/TILA violations, escalate to BofA's compliance and legal departments, and enforce the enhanced procedural protections that BofA is obligated to provide under its settlements.
Get a Free Case Review →Frequently Asked Questions — Bank of America
Does BofA still have to follow the 2014 DOJ settlement?▼
Is my old Countrywide loan affected by BofA's settlements?▼
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