What is BAC Home Loans Servicing?

Bank Of America is one of the oldest and largest banking group in America. The Home Loans department of Bank of America is called BAC Home Loans Servicing, LP. It operates as a subsidiary of Bank Of America. They offer residential mortgages and home equity loans, and direct and indirect loans.

When did Bank of America merge with BAC Home Loans?

March 12, 2012
On March 12, 2012, Bank of America, N.A., Successor by Merger to BAC Home Loans Servicing, LP FKA Countrywide Home Loans Servicing LP (“Bank of America”), filed a complaint in the Circuit Court of the First Circuit (the “circuit court”) seeking to foreclose on Homeowner’s property.

How do I get my mortgage payoff from Bank of America?

Please contact customer service 800.934. 5626 (Mon-Fri 8am-9pm EST) to request a payoff breakdown. There is no charge to have a payoff statement mailed to you or an authorized third party.

What mortgage company did Bank of America buy?

Countrywide Financial
In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.

Who bought out Countrywide mortgage?

Bank of America’s
Bank of America’s mortgage business has lost more than $50 billion since the Charlotte bank bought Countrywide Financial for $2.5 billion, according to an Observer tally, and more losses are coming in an expected Justice Department settlement.

Will Bank of America sell my mortgage?

Bank of America, like most other lenders, does the front-end work of setting up mortgages with borrowers. The fact that Bank of America is selling your mortgage will not affect your loan terms or interest rate in any way. Changes can only be made to your mortgage if you refinance.