Bank of America has appointed Matt Vernon as short sale and real estate owned (REO) executive for home loans.

Mr 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 real estate owned portfolio.

Mr Vernon’s most recent position in new loan production was as enterprise sales executive, leading mortgage origination and cross-selling efforts through Bank of America’s network of more than 6,000 banking centers. Previously, he led the bank’s consumer real estate retail sales channel overseeing 150 offices and more than 2,000 mortgage loan officers.

He began his Bank of America career in a banking center in Baltimore and rose through various 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.

Rebecca Mairone, national servicing executive for home loans at Bank of America, said: “Throughout his 15 years with Bank of America, he has demonstrated tremendous acumen in strategic planning, performance, customer focus and other areas that will serve him well in his new position. This gives him a clear understanding of realty markets and the real estate professionals who play such an important role in short sales and REO marketing.”