Shame on Bank of America!
According to a recent Bloomberg report, Bank of America eliminated U.S. positions in its appraisal division and is sending jobs to India. Workers in Bank of America's new facilities in Bangalore, India will use checklists to ensure appraisals have been done properly.
For buyers, I can only imagine India-based appraisal review will likely lead to further delays in obtaining new mortgage loans. Buyers Agents beware, perhaps your client would be better off with a different lender.
Since appraisals are not standard in short sale valuations (unless VA or FHA) this, hopefully, will not have much impact on the BoA short sales.
What bothers me most is that America needs to get our people back to work, skilled and unskilled - we need jobs here.
Bank of America was a big player in the housing collapse due to its shady lending practices. Bank of America continues to work its way thru settlement claims and law suits resulting bad lending practices and faulty foreclosures. The housing market collapse led to the loss of jobs for thousands of workers.
Shame on Bank of America! (Perhaps a name change is in order: Bank Against America)
Comments(2)