Bank of America in India

Can you believe this?

“Bloomberg reports that Charlotte-based Bank of America (NYSE:BAC) has opened a unit in India to work on home-valuation paperwork.

 Jen Wilson

Associate Editor/Online-Charlotte Business Journal

Bank of America Corp. (NYSE:BAC) has opened a unit in India to handle the work of reviewing home-valuation reports as the Charlotte-based bank tries to rebuild its share of the U.S. mortgage market at a lower cost, Bloomberg reports.

Workers in BofA’s new Bangalore, India, unit follow checklists to determine whether the appraisal paperwork — one of the biggest problems in the mortgage business, according to one independent banking consult — has been completed properly, according to the report.

The move comes as BofA eliminated U.S. positions in its appraisal division, according to Bloomberg. The bank also is working its way through a lengthy and expensive legal process to settle claims tied to bad mortgages and foreclosure practices.”