Industry NewsMortgage

BofA names new short sale, REO exec

Vernon vows to 'improve processes and efficiencies'

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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 rel...