Posted by Luana Lonergan on 8/13/09 10:53am
Msg #299737

BOA re-fi's

Has anyone done signings lately with complaints about BOA not answering phone calls and taking several months to complete their documentation? In the last 2 weeks, I have had 5 where the borrowers are just disgusted with BOA. BOA's excuse to the borrower, "Well, we are trying to complete the transition with incorporating C'Wide loans with BOA. What a bunch of crock. I don't say anthing or voice an opinion to the borrowers, but boy, have I gotten some really bad feedback about BOA. Borrowers complain that BOA lo's don't answer phone calls or get back to them. I did one on Friday evening where the bo's didn't even know the closing was going to take place. They said after 5 months, they had given up. It did close and no, not able to talk with lo. And no call back.

Reply by MW/VA on 8/13/09 11:01am
Msg #299740

I imagine BOA is in an landslide situation. According to one of the TBW threads today, all those loans will transfer to BOA. They can't possibly have enough personnel to handle this volume.

Reply by Bob_Chicago on 8/13/09 1:00pm
Msg #299773

Not specifically about BOA, but I heard from a large..

number of bwrs (current on their existing loans ),
that it is taking them 5 or 6 months to process a re-fi with
their existing lender when they are only reducing the rate or
changing the term of their existing loan.
It seems that when things were slow a while back, some lenders
let a lot of people go. When things picked back up, they needed to hire new staff.
I imagine that some of the new processors may have just come from a
job involving asking the customer if they wanted fries with that order.

Reply by JanetK_CA on 8/13/09 2:31pm
Msg #299816

Re: Not specifically about BOA, but I heard from a large..

"...just come from a job involving asking the customer if they wanted fries with that order."

LOL!! Your post pretty much sums up my impression lately. This has been my experience since early spring, I think. When interest rates dipped a while back, many in a strong financial situation decided to take advantage and filled the pipeline. The vast majority of refis I've seen are with people who applied long ago and nearly all of them are complaining about how long it has taken, how many times they've been asked for this and that (and how they've responded right away every time), that they have a pristine credit report, etc. And frequently, to top off their frustration, I'm finding numerous careless errors in the packages, like names misspelled, addresses wrong, impounds set up when they didn't want one, no impound set up when they did, etc.

BTW, I'm seeing a lot of the same thing coming from escrow and title companies. There must be an awful lot of knowledgeable closing agents and loan processors in the unemployment lines -- or now asking people if they want fries with that order... It would be funny if it wasn't so sad!

Reply by jba/fl on 8/13/09 1:37pm
Msg #299784

Yes, from a BoA bank manager. Just recently: she applied in Feb. I'm in pipeline since 5/5/09. I email supervisors if I don't get return calls. When one applies for loan, one is given all this info and should be asking anyway for everything to protect themselves.

Reply by ADD/NYCT on 8/22/09 8:07pm
Msg #301385

Same here. ALL of my closings last month except TWO were BOA. 40% of them had errors of some sort (names spelled wrong, middle initials on some docs, not on others when necessary, numbers off etc.) I've been double checking the final number with the borrower right after I print my docs - before I head out, because they are almost ALWAYS off and I'm sick of sitting there during the "freak out". A few of the BOA's were reschedules from other notaries because the loans were so screwed up they couldn't close and I CAN NEVER get the LO on the phone while at the table. ALL OF THESE LOANS ARE FROM FOUR MONTHS AGO. BOA can't handle it plain and simple.