A friend of mine has been in an epic struggle with his mortgage processor and his experience tells us a lot about the state of IT. It started in October of last year when my friend met with his loan processor (Bank of America) to inquire about a loan modification. The loan is actually owned by Freddie Mac. He turned-in all the required paperwork and followed up with an income statement when requested two weeks later.  The meeting took many hours mainly because all of the original documents were imaged and put into his electronic file. In late December he was told that his modification was completed, given a new mortgage payment and told to […]