BofA names new short sale, REO exec

Bank of America has put a 15-year veteran, who rose through the ranks to become a high-ranking executive in mortgage originations, in charge of streamlining the bank's short sales and disposition of bank-owned (REO) properties.

Matt Vernon has "demonstrated tremendous acumen in strategic planning, performance, customer focus and other areas that will serve him well in his new position" as short sale and REO executive for Bank of America Home Loans, the company said.

Vernon will develop and implement initiatives to manage and streamline the bank's efforts to use short sales and other property liquidation tools to prevent foreclosures and oversee the management and marketing of properties in the bank's REO portfolio, Bank of America said.

Real estate brokers and agents have complained that Bank of America and other lenders can be slow to respond to short-sale and REO offers.

"We know we need to improve processes and efficiencies in these areas," Vernon said in a press release. "We have begun taking productive steps, and I look forward to working with real estate professionals, customers, investors and our team on ways we can accelerate that progress."

Vernon was previously enterprise sales executive for new loan production, leading mortgage origination and cross-selling efforts through Bank of America's network of more than 6,000 banking centers. Before that, he led the bank's consumer real estate retail sales channel overseeing 150 offices and more than 2,000 mortgage loan officers.

He began his Bank of America career in a banking center in Baltimore and rose through broader leadership positions to become division executive sales manager over 479 banking centers in five Mid-Atlantic states before moving into consumer real estate financing.

Vernon's experience "gives him a clear understanding of realty markets and the real estate professionals who play such an important role in short sales and REO marketing," said Rebecca Mairone, national servicing executive for Bank of America Home Loans.

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