Matt Vernon, a 15-year veteran of the financial industry, has been named short sale and REO executive for Bank of America Home Loans, moving to the loan servicing division from his role leading origination and cross-selling efforts.
Mr. Vernon plans to 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 real estate owned portfolio.
"The distressed economy is creating extraordinary volume on mortgage servicers in short sales and post-foreclosure real estate-owned activities," Mr. Vernon said. "We know we need to improve processes and efficiencies in these areas."
Previously, he led the bank's consumer real estate retail sales channel overseeing 150 offices and more than 2,000 mortgage loan officers.
Mr. Vernon 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 the consumer real estate financing.