Bank of America (NYSE: BAC) says that it will respond to mortgage modification requests by customers and credit counselors within 72 hours, under a new program that is expected to launch within the next 90 days, according to a new report from the Charlotte Observer.
“From a customer experience perspective, we have to do better,” Rebecca Mairone, Bank of America’s national default servicing executive, told a group of counselors today.
Mairone said that under the “Kept Informed Routines,” or KIRs, “customers won’t wait more than 72 hours for answers,” during the Charlotte, NC gathering that attracted about 100 consumer advocates, community activists and financial counselors who work with people attempting to get modifications.
The Charlotte event was the first as part of a tour featuring U.S. Treasury officials, bankers, counselors and advocates, to discuss what is working and what isn’t working about the government’s Home Mortgage Affordable Program (HAMP).
Mairone said that the bank is investing millions in the effort and will add 1,000 new employees by the end of the year in its loan modification and related divisions. She added that senior employees are being transitioned into the modifications unit and that the the bank is expanding its outreach efforts, including attempting to reach borrowers in person.
“My pledge is that Bank of America is going to be out there more,” Mairone said. Speaking with a community activist after the session, she said: “I want you to see and feel the difference.”
