Posted by OR on 9/14/09 9:29pm
Msg #303871

What with B of A putting a credit card app. in the ...

new re fi of the old Country Wide loan docss. I have had app show in the last 3 B of A loans (refi Country Wide) I notarized. The card starts with 0% then jumps to 12+%. I just think it is a really tackle thing to do to the borrowers. I am not a credit card sales person at all. All three of my signers have declined the offer.

Reply by MW/VA on 9/14/09 9:36pm
Msg #303872

B of A is big on marketing. The most I do is say to the borrowers that there's an app in the package, a copy of which is in their copy package if they choose to look at it later. Credit cards is still where companies are making the big money. I did a signing the other day where people were consolidating a 1st & 2nd B of A loan, plus a B of A cc. They were actually going with a different lender.

Reply by pan/nd on 9/14/09 9:37pm
Msg #303873

It's their buck and their loan pkg and they can do whatever they darn well please.

Having said that, I don't like it....nothing I can do about it....never had a borrower go for it.

But think about it........why should BofA spend all that money on direct mail to lure "plastic"

customers when they can do this for free.

They'll do it for a while 'till they see what kind of a return they get.

Reply by PAW on 9/15/09 7:25am
Msg #303897

Common practice, not only with BofA but others too. n/m

Reply by CF on 9/15/09 8:55am
Msg #303903

Re: Common practice, not only with BofA but others too.

After reading over it several times, the borrowers have to sign it to iniate it, right? Am I missing a "decline" feature on the page with all of their personal information? TIA

Reply by Indy_Notary on 9/15/09 9:16am
Msg #303905

I tell the BO that I'm not a salesperson and that BoA offers this CC, if they want it...they need to read more about it and if they don't want it...I have them put a line across the application page and initial it. Or they write "No Thanks" across the app. page. Again I'm not their salesperson!

Reply by CH2inCA on 9/15/09 10:14am
Msg #303910

I guess in a not so obvious way, if we don't have a per page printing cost for the loan package we are obsorbing some of their cc marketing cost.

Clever of them don't you think?

Reply by Linda_H/FL on 9/15/09 10:37am
Msg #303916

I have a BofA Rev. Mtge signing today...no cc apps in pkg.. n/m

Reply by Carole Breckbill on 9/15/09 11:14am
Msg #303922

Hooray for your signers declining the offer! I've had one refi where this was an "option," and I presented it as such.

Reply by sanjqnvly on 9/15/09 12:27pm
Msg #303931

Some of the borrowers think this is a requirement to getting the loan, a call to the LO assures them it is not