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Bank of America Refinancing Under Making Home Affordable Program


Bank of America said today it has begun processing refinance applications under the Treasury’s “Making Home Affordable” program, with nearly 200,000 customers contacting the company to determine eligibility.

“Combined with historically low interest rates, this program has generated significant interest from borrowers seeking the benefit of lower mortgage payments,” said Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services, in a release.

“We are proud to be one of the first lenders to take loans from application to closing under the Treasury’s plan, providing the opportunity for more Americans to save money on their monthly mortgage payments and supporting efforts to stabilize the nation’s housing market.”

However, the bank seems to be focused on specific applicants, namely those with Bank of America or Countrywide serviced loans and no mortgage insurance on their current loans.

The bank said additional customers will be served “as systems become operational.”

In the next two weeks, the company expects to begin offering trial loan modifications under the Treasury Department’s “Home Affordable Modification” program, and has extended its foreclosure moratorium on potentially eligible loans until April 30.

Bank of America, since snatching up former top mortgage lender Countrywide Financial, services roughly one out of five mortgages in the United States.

I’ve been told by my friends in the industry that Bank of America has been offering mortgage rates much lower than the competition, effectively pricing out them out in the process.

The company is also planning to roll out a jumbo mortgage program focused on loan amounts between $730,000 and $1.5 million, with 30-year fixed mortgage rates beginning in the upper five-percent range.

Apparently there are profits to be made in mortgage.

1 thought on “Bank of America Refinancing Under Making Home Affordable Program”

  1. During the process of making home affordable program, i was a newly established cancer victim, fired from my position under the “Texas fire at will laws and” and a 100% disabled combat vet when BoA changed my terms from 30 years to 40 years added $20,000 legal fees to my loan.
    Today I dodge the cancer bullet after combat bullets with an average credit score due to the initial price of my home loan when up and not only eradicated my equity at the time but also making harder to refinance with someone that will be honest with you while celebrating disabled vets on one side of the city by donating custom homes and forcing me with higher terms. I am exempt of homestead taxes but my house payments are approx the same as they were when we first started. How do I shed that legal fee?

    Should I make this public and be heard as a couple in California who was awarded $45 million for Heartless treatment of Mortgage Borrower.

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