Bank of America Corp
As the largest U.S. mortgage lender, Bank of America has struggled with high levels of foreclosures since the housing crisis began in 2007.
The bank appointed Terry Laughlin to oversee the new legacy asset servicing division.
The new unit will manage foreclosures and loan modifications, and will work to resolve mortgage repurchase claims from investors.
Bank of America home loans President Barbara Desoer will continue to oversee the mortgage operations for customers that are not delinquent on their loans.
She will focus on building the bank's home loans business for new customers, BofA said.
(Reporting by Joe Rauch; Editing by Bernard Orr)