April 6 (Bloomberg) — Bank of America Corp., the largest U.S. bank, is vowing to answer queries about mortgages within three days to help borrowers keep their homes, an executive said today.
The pledge is a response to concerns by borrowers and housing-industry activists that lenders take too long to modify loans and prevent foreclosures, Rebecca Marione, national default servicing executive, said at a housing conference in Charlotte, North Carolina, where Bank of America is based.
Some borrowers wait months for responses because home-loan servicers are overwhelmed by demands for assistance, said Stella Adams, executive director of the North Carolina Fair Housing Center, a Durham-based non-profit group. Bank of America, the biggest U.S. mortgage servicer, is adding 1,000 people this year and investing millions of dollars to improve systems, Marione said.
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