Bank of America said Wednesday that it has now offered $15.8 billion in relief to more than 160,000 households as part of the national mortgage servicing settlement announced early this year.
Of that, about $4.75 billion was in first-lien mortgage principal forgiveness, senior vice president Eric Telljohann said on a conference call with reporters. The most relief, at $7.4 billion, remains through short sales, though he said that mix should change over the next few months.
The bank also said it is in "effective compliance" with the hundreds of new servicing rules it agreed to as part of the settlement, which includes a "single point of contact" system for homeowners behind on their mortgages. Each contact is responsible for 70 to 75 mortgages, Telljohann said in a Q&A session.
In the last few months, the Charlotte bank has sent letters to hundreds of thousands of homeowners offering relief.
"That momentum is not slowing down, and in fact, it's accelerating," Telljohann said.
It is unclear, however, where the bank stands in its $11.8 billion commitment as part of the settlement because not all forms of relief are given full dollar-for-dollar credit.
Bank of America, Wells Fargo, Citigroup, JPMorgan Chase and Ally Financial were required to file their latest progress reports Wednesday on foreclosure prevention efforts to the monitor of the mortgage settlement, Joseph Smith.
Smith, the former N.C. banking commissioner, is expected to review the filings and release a report by early next week.