Saturday, June 29, 2013

Bank of America said to be sending home-valuation reviews to India

Bank of America is sending property reviews to India as it tries to rebuild its share in U.S. mortgages at a lower cost, according to Bloomberg News. The news agency cites "four people with knowledge of the move" as sources for the story.

From the story:

Workers in the new Bangalore office follow checklists to determine if appraisals are complete, said the people, who requested anonymity because they weren’t authorized to comment. The firm also eliminated jobs of licensed U.S. workers in its LandSafe business, the appraisal division of the Charlotte, North Carolina-based company, which made $78.7 billion in loans last year, the people said.
The story points out that Bank of America slipped from being the biggest U.S. mortgage lender in 2008 to fourth in 2012.