During the financial crisis of 2007, investors started asking for mortgage loans to be purchased back at unprecedented volumes due to so many bad loans in the marketplace. Arm Loans with outrageous APR increases were maturing and loan recipients were defaulting at rates never seen before. The investors, who at one time purchased the loans from Bank of America, were now coming back to in droves asking them to buy their loans back, with as many reasons as they could think of such as claiming the loan was fraudulent or that Bank of America had made some mistake in giving the loan.
Because of this rapidly moving wave of crisis, Bank of America had to act fast to handle this influx and prove quickly that loans were either truly “bad loans” or if the investors were trying to take advantage. An internal organization was established overnight to focus on this exposure and a reporting and analytics platform had to be built from the ground up to provide the insights and tools they needed.
In his presentation, Brian Barnes, SVP of Servicing Operations Analytics & Reporting at Bank of America, will cover how a Reporting and Analytics team built a platform completely independent from technology support because the urgency of the situation required a group with more of a startup mentality than the traditional IT department had.
You can find out more about Brian on LinkedIn here: http://bit.ly/2xOn4vT
We are excited to partner with the LA Fintech Meetup this month.
Make sure to check out their upcoming events:
- June 19th – LA Fintech Demo Mix Mingle Network Event
- June 28th – LA Ad Pros Mix Mingle Network Event