Bank of America Moving Valuation Reports Offshore Reviewed by Momizat on . “Bank of America spokesman Terry Francisco told Bloomberg that the lender’s program prevents paperwork errors from delaying loan applications and that the overs “Bank of America spokesman Terry Francisco told Bloomberg that the lender’s program prevents paperwork errors from delaying loan applications and that the overs Rating: 0
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Bank of America Moving Valuation Reports Offshore

Posted date: July 10, 2013 In: QuickPress, Valuation/Appraisal

Bank-of-America

“Bank of America spokesman Terry Francisco told Bloomberg that the lender’s program prevents paperwork errors from delaying loan applications and that the overseas completeness checks don’t replace in-depth reviews done by licensed U.S. staff.”

According to the Appraisal Institute and Bloomberg, Bank of America (BofA) has opened an office in Bangalore, India to deal specifically with reviewing valuation reports.  It’s been said that the move is part of an effort by BofA to increase its share of the mortgage market and lower costs.  Earlier this year, BofA eliminated nearly 5 percent of all positions at its Plano, Texas LandSafe appraisal division. 

While the quality of work being sent overseas has always been in question across a number of business sectors, BofA representatives insist that the services provided from the India location will be limited to checking for completeness of the valuations.  For more information about the overseas move of valuation analysis, visit:

http://www.appraisalinstitute.org/ano/DisplayArticle/Default.aspx?volume=14&numbr=13/14&id=20218

The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention, by training and certifying financial professionals in these disciplines.

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