Posted by Leslie_Mo on 8/21/09 10:14pm
Msg #301294

Bank of America

The following page is in a loan package I received tonight for a signing scheduled for Monday. I've done a lot of Bank of America loans and never have seen this page before. It sounds like they may start sending the loan packages to to borrowers and have them find a notary.

"Attention Preferred Client
Enclosed you will find all your loan documents. One copy has been indicated for your
records. Please note it is imperative that you have your loan documents signed and
notarized the day that is listed on them. They are date sensitive.
You will find a FedEx label within the documents that you will need to use to return
these back to Nations Title. You may go to your local FedEx location to obtain an
envelope and to put the signed docs in the drop box. Please note that it is important that
they get back to us immediately after completion so that your loan will fund on time.
Please feel free to call your closer contact below with any questions or concerns with the
loan documents.
Thank you for choosing Bank of America and Nations Title"

Reply by Lucy/IL on 8/21/09 10:16pm
Msg #301296

That's crazy! I have been doing alot of work for them.

Reply by Notary/VA on 8/21/09 10:19pm
Msg #301299

A few months back, I had a signing that they called and cancelled because the customer requested a specific notary signing agent whom she was familiar with. So now I just leave a business card with each customer and asked them to refer me to their friends if they know of anyone refinancing. Having gotten any assignments from this as of yet but still hopeful.

Reply by Susan Fischer on 8/21/09 10:40pm
Msg #301304

A people-free closing. Brilliant! Haven't others tried

that to dismal failure?

How to further clog up the pipeline...while cutting "costs".

Reply by 101livescan on 8/21/09 10:51pm
Msg #301305

I could write a novel on the mishaps, typos, omissions, lack of communication, etc. that results in a no sign situation. Today, BofA mistyped the borrowers' name and escrow complete screwed up grant deeds in and out of the trust and the interspousal grant deed. Nightmare....let's just watch and see how many of these loans get kicked back to underwriting, then to processor for the right information.

In my aea, I know two loan officers who are having major emotional, traumatic stress and opting for disability, they can't take the nightmare of trying to get their loans underwritten and funded.

Reply by Susan Fischer on 8/22/09 12:17am
Msg #301316

Cheryl - doesn't this look like "too big to do the job"?

Or, as some say, "too big to fail"?

One of the impediments - greed.

We mobile notary signing professionals may not be much, but we've beome integral to smooth remote closings. Smooth is good.

"Too big to fail" is now crying "Too Big to Succeed". So much for that touted "Trickle Down" of
Reaganomics.

B of A is one of the reasons I only bank with a credit union. And loathe credit cards, with their Me-fees.

While remote closing is not rocket science, it is a fine art.

Reply by 101livescan on 8/22/09 11:47am
Msg #301354

Re: Cheryl - doesn't this look like "too big to do the job"?

I agree...credit unions are so much easier, fewer fees, closing costs. They have better rates, too. Bank of America is the biggest lender in the space, but they are not user friendly, and they charge extraordinary fees. GMAC is another great lender. Most of the loans I do these days are GMAC and WF loans. Not as many BofA loans.

By the way, Pentagon CU is great! to work with and because I am close to Vandenberg, I do a lot of Pentagon CU loans these days, refi and purchase.

Reply by trnsa_IL on 8/22/09 1:13pm
Msg #301363

Re: Cheryl - doesn't this look like "too big to do the job"?

I had a BofA loan today that had cc apps in them for the borrowers to sign. Neither the husband or the wife had discussed getting a cc from them. I have not seen any cc apps in BofA before. It was not a HELOC which can be accessed with a cc. Just plain ole' cc apps. Has anyone else seen these?

Tonya

Reply by CopperheadVA on 8/22/09 2:46pm
Msg #301369

Re: Cheryl - doesn't this look like "too big to do the job"?

Yes, someone else mentioned this within the last week. Another 10 pages (X 2) of crap for us to print!

Reply by jba/fl on 8/21/09 11:29pm
Msg #301309

Much of this depends on the title company that is used.

BoA is too big to use just one TC. Each TC (escrow agent) will have their methods to get the work done. I'm having a devil of a time getting my notary of choice approved, so am asking that my docs be sent to me. Then I will print and go where I wish.

Had I been smart, I would have gone to a local TC and would have had an easier time I am sure. Probably faster too. I have done a lot of 'bird dogging' for them already as it is, just trying to get the Countrywide mistakes corrected...seems they recorded with a 'cloud' in 2005 which I knew about but they did not insist upon resolving. Sloppy paperwork back to 1984. I am just astounded at things found.

Reply by MW/VA on 8/21/09 11:33pm
Msg #301310

If it works for Wells Fargo, who does a lot of "mail away" loan packages, why wouldn't BofA use the same technique. After today, I can almost see their point. I had a signing early this afternoon & found out I was the 3rd notary on the case. The borrowers said the first notary was totally rude & 2nd notary came with docs that didn't have the correct date. Since it is a crap shoot for a tc or ss to find a skilled NSA, they can bypass the issue altogether. Whatever is going on in the industry is having an impact at every level. I don't think I've ever seen the # of messed up files like I'm seeing recently.
It has been quite a day!

Reply by CF on 8/22/09 8:19am
Msg #301333

I sign a lot of BOA's per month....and most are not worth the hassle. The packages are big and the borrowers are frequently not/mis-informed about their numbers. Many times there are typo's, SS# transposed, misspelled names, wrong address, and on and on.

I agree with the previous comments that they are just too big and this is why all these issues are happening. Also, many people have been laid off and they are trying to push this large number of loans with skeleton crews. Who knows what the future looks like for them????

Reply by MW/VA on 8/22/09 9:13am
Msg #301342

I signed a Citibank loan last night. The borrower was not at all happy at the way he had been jerked around. I'm hearing a lot of frustration with people in the pipeline about how long & messed up the process has become. With the new requirements in effect I can imagine it will get worse before it gets better.

Reply by Richard Ingram on 8/22/09 11:40am
Msg #301353

Real frustration with BOA is what I am seeing with nearly every signing. I want Countrywide back as from my view today BOA is going to be much harder to deal with.

Reply by Lee/AR on 8/22/09 12:02pm
Msg #301355

The BofA/CW combo brings this to mind: http://www.msnbc.msn.com/id/9600151/

Reply by MW/VA on 8/22/09 12:31pm
Msg #301359

Great analogy of the financial eco-system. CW was in the mortgage business only. BOA is a huge bank. Even though banks pretend to be customer service oriented, they rarely care about people.
I heard that last night. Borrower said he will go to his CU for his next refi.