Posted by zebbienc on 8/18/09 10:35pm
Msg #300717

Bank of America closings

I had one Bank of America closing today with Service Link and they of course require a heavy volume of fax backs...Tomorrow I have another Bank of America closing with a different company and they are also requiring a heavy volume of fax backs. Then you have to wait to get their approval to mail the packge.
Is Bank of America now requiring fax backs? If so, I don't know whether it's worth the time or not....I have done many of their signings without having to do the faxes. Will appreciate your thoughts please...

Reply by Michelle/AL on 8/18/09 10:41pm
Msg #300719

I close BOA loans through a different company and

I am not required to fax anything other than confirmation that the loan closed. Could it be a regional requirement?

Reply by FAN_IL on 8/18/09 11:06pm
Msg #300720

BoA "HomeFocus" closings through ServiceLink require faxbacks if the loan package won't be delivered by the very next day. Since ServiceLink uses preprinted UPS labels & the UPS locations aren't open as late as the FedEx Kinko's locations, it pretty much ensures that faxbacks are required.

I called HomeFocus quality control @ 314-465-5515, & got their FedEx account number so that I can ship the same night I close and not have to do the fax-back. I'm sure they'll give it to you as well if you give them a call.

Reply by Jim/AL on 8/18/09 11:10pm
Msg #300721

Re: Bank of America closings, not regional for fax backs

sometimes Service Link will waive faxbks if you get out the same day (EOM always) and other times not. Other SS's (Vital) also require faxbks, but many do not. Just depends on who you are doing the closing for, who your contact is, what mood they are in and whether they trust your work sometimes.
IMO always worth a call to see if they can let you just ship it.

Reply by Jim/AL on 8/18/09 11:16pm
Msg #300722

Not a Bank of America stipulation that I have ever heard, but these companies are being paid to hire notaries who get the job done correctly and they call it their QC to check our work so that BofA does not drop them because of sloppy notary work.

Fax backs are PITA for sure, but their are a few NSA's out there that do very unprofessional work and it is hard to blame the SS for wanting to keep a client like BofA satisfied.

Reply by Linda Juenger on 8/18/09 11:19pm
Msg #300726

1 tonight and 1 tomorrow - No fax backs for either.

What I am seeing in their pkg's is an Application for BofA Credit Card. Its all filled out, ready to sign. Anyone else see this?

Reply by Jim/AL on 8/18/09 11:21pm
Msg #300727

Not yet Linda. Lucky you on the no fax backs though,lol.

Reply by Michelle/AL on 8/18/09 11:25pm
Msg #300728

@ Linda - Yep! Twice.

I think...never mind what I think. So far both BO's declined the offer.

Reply by Jim/AL on 8/19/09 12:16am
Msg #300732

Spoke to soon, just printed one with the BofA CC offers,

oh joy...10 more pages x 2 of BS to kill some trees and waste our time with.

Reply by FAN_IL on 8/18/09 11:33pm
Msg #300729

Yes. I've seen the credit card app as well.

Reply by JanetK_CA on 8/19/09 1:23am
Msg #300733

Haven't seen any of those yet, but I've seen lots with the BofA "Borrower's Protection" plan (basically mortgage insurance) that comes with a default of "Accept". It's one of those tricky things where it's free for the first year, then the monthly payments start automatically unless you cancel it -- and the payments are pretty hefty. I'm sure they hope it will be a money maker for them because few will remember it in a year and they're probably right. I've had very few who decided they wanted it and quite a few who were not thrilled with the way it is set up. [You can be sure that that is one form I don't just put in front of them and say "sign here"!!]

Reply by jba/fl on 8/19/09 1:25am
Msg #300734

I also saw that Janet, and I think that it said in their smaller print that you had to cancel 60 days prior to expiration - definately something that one would have to put on thir calendar to not forget.

Reply by MW/VA on 8/19/09 8:25am
Msg #300742

I know BOA is very aggressive in their marketing, but I'm wondering how they are getting away with putting this stuff in the loan package?? I'll be on the lookout for it. Thanks for the heads up.

Reply by wisconsin on 8/19/09 9:02am
Msg #300751

Most BOA loans I have done did not require fax backs, only the Countrywide ones did.

Reply by lee/fl on 8/19/09 9:45am
Msg #300760

I have closed a few of the BOA loans and I wold say fax backs have been 50-50 depending on the time of the signing. I have also come across the credit card applications in my packages and have had them refused as well. Did not know about the mortgage insurance situation so I will keep my eyes open on that, I appreciate the shared information.

Reply by Kay/IL on 8/19/09 11:53am
Msg #300809

Yep Linda. Saw one this past Monday n/m

Reply by FAN_IL on 8/19/09 11:56am
Msg #300811

The HomeFocus loans are directly from BoA, and the faxes go directly to BoA's quality control team, not to the title company. ServiceLink told me they are only functioning as a signing service on this loan product; not as a title agent. ServiceLink isn't even on the HUD.

But BoA only requires the faxbacks if you can't get the package back to them the next day. That's why their FedEx account # comes in handy.

Reply by Teresa/FL on 8/19/09 5:02pm
Msg #300923

I had one this Monday and no fax backs were required

I was contacted by a Florida TC and did the closing in the branch office.