Posted by Kay/IL on 9/22/10 11:38pm
Msg #353520

B of A......Gotta Vent!

What's going on with B of A? They must be extremely swamped, biting off more than they can chew especially at month's end. This month I had about 12 B of A closings scheduled of which 6 were canceled in the last week and a half (4 this week alone) and 3 times in which the documents arrived very late (one of those times, documents came 1/2 hour after scheduled closing time and the borrower had to juggle her schedule since she was closing during her break). These closing were booked anywhere from 5 to 10 days in advance of the closing date.

And we won't even discuss how ridiculously thick their packages are (130+ pages). At least 40 of those pages are "closing instructions" and other documents the borrower does not have to sign. What makes it worse is that many TC's and SS refuse to pay extra for what is ultimately a waste of your paper, ink and time.

Now I have to ask my clients who the lender is before accepting assignments.

It would be nice if B of A would be more efficient with their time and resources. As a notary running a business, these 6 cancellations in 1.5 weeks because docs were not ready and numerous ones that were sent late is not acceptable! And if their system was down yesterday, they need to get a new one.

OK, I'm off my soapbox. Have a good night.

Reply by CopperheadVA on 9/23/10 5:52am
Msg #353529

Sounds exactly like the old Countrywide back before BOA bought them. The thing is, BOA doesn't care about the notary and any inconveniences they may cause us. All you can do is screen the calls for which lender the job is for, price accordingly or decline the job. Right now, I'm getting enough business with other lenders that I could not accommodate those kind of BOA issues screwing up my schedule, and I would not be able to accept any BOA jobs at this time.

Reply by Kay/IL on 9/23/10 8:50am
Msg #353549

That is exactly my plan.

Reply by 101livescan on 9/23/10 9:03am
Msg #353555

BINGO! Let the $50 notaries in my area have this piece of the business. I've got better fish to fry that hanging out with these loan packages! There are so many NICE lenders out there.

Reply by MW/VA on 9/23/10 9:34am
Msg #353565

Yep, it appears that BofA is using the old CW format, including all those ridiculous pages of closing instructions that are not for the borrower. I haven't seen many lately. My experience that the companies bidding for that work don't pay enough in the first place for the huge pkgs., and some require faxbacks (for QC purposes). I don't have time to tie up my schedule with that work.

Reply by Linda_H/FL on 9/23/10 8:58am
Msg #353552

Re: B of A......Gotta Vent!....keeping in mind...

"What's going on with B of A?" "It would be nice if B of A would be more efficient with their time and resources"

Remember, this is the same lender who's foreclosing on and taking the wrong homes or homes that they don't even have a lien on!! Not too much I hear about them surprises me any more.

I had a cash purchase about a month ago - took place at a B of A branch - buyer was a customer of the bank with substantial monies on deposit with them - I was stunned at (a) how rudely they spoke to all of us; and (b) how little they did to help him. I will never do business with B of A on a personal level as a result of this experience -

JMO

Reply by 101livescan on 9/23/10 9:01am
Msg #353554

I'm with you, Kay. There are so many CYA documents in these packages, brought on by all the mortgage fraud, that I am not going to accept any more BofA packages during month end madness. It's just not worth it. Then, they tend to get kicked back for more documentation after the signing more often than not.

Angelo Musola attended a SB function where money was donated by he and Ty Warner to a charitable organization. He got up and rolled out an eight minute video of how he came up thru the ranks from nothing and made it big in the mortgage industry. The audience nonchalantly turned deaf ears to the presentation and moved out of the room, talking with each other and completely ignoring him. He's not in jail yet, the jaws of justice grind ever so slowly. I'll bet BofA wishes they hadn't invested in CW's portolio of nightmare loan products.

That is why these packages have grown out of proportion with other lender document packages.

Reply by Cari on 9/23/10 11:11am
Msg #353592

Hey Kay, I ask all the time...

who the lender and tc are before quoting my fee or accepting an assignment because it does make a difference as far as my fees. BOA is notorious for large packets (simple refi's) and lots of closing instructions, not for the nsa but for the TC!

Its unfortunate, and a PITA, but I always ask who the lender and tc are before I quote my fee...

Reply by HrdwrkrVA on 9/23/10 2:56pm
Msg #353668

130 pgs vs 70-90 pgs. These are all loans & except for

riders (PUD, etc) or VA loans, they are for the same purpose. I've noticed that the bigger the plg, the later the docs arrive. I guess big pkgs are a red flag for inefficiency & ineptitude!?!

Reply by parkerc/ME on 9/23/10 6:28pm
Msg #353724

I'm upping my fee for BoA packages..they're ridiculous! n/m