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BofA Trails JPMorgan on Refinancings Under U.S. Deal

Bank of America Corp., plagued by complaints about customer service in its mortgage unit, said it hasn’t yet refinanced a “significant number” of loans as part of the industry’s $25 billion settlement of foreclosure abuses.

The lender blamed the “time required to underwrite” loans for why it hasn’t completed many of its planned $1 billion in modifications, according to a filing earlier this month. By contrast, JPMorgan Chase & Co. said last week it has already finished a “significant portion” of its $500 million program and Wells Fargo & Co. said it expected to complete its $900 million requirement two years ahead of the 2015 deadline.