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Old 04-10-2015, 09:22 PM
 
65 posts, read 59,140 times
Reputation: 32

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I applied mortgage from them (I am their platinum member and was assigned a personal banker at our local branch. She is really nice so I decide to go with them. Now I am scared). I answered the first list of questions. Now I got the second list. Some of the questions in the second list are the documents I provided in the first list already. Then I read some horrible reviews about them. I am totally scared now. Please let me hear some good stories about them.
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Old 04-10-2015, 09:45 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,623,584 times
Reputation: 8083
So much has changed and continues to change. I was there 2006 to 2008. It's s big, big bank. The reasons I left may not exist any more. I can only say I prefer to provide a level of service that was impossible to accomplish with their assembly-line-like process. Once I took the application and turned it in, I was out of the loop and had to log onto the file for updates. Maybe by now that has changed. Here's hoping.
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Old 04-11-2015, 08:25 AM
 
2,600 posts, read 5,449,178 times
Reputation: 2387
Your not screwed, they're double checking to make sure that everything's in order, if your hiding anything then you should be scared !!!
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Old 04-11-2015, 10:27 AM
 
203 posts, read 196,826 times
Reputation: 404
You are going to find a lot of horror stories because they are a big bank that many people try to use. It's not too late to back out, you will almost certainly have a better experience with a smaller bank or credit union.
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Old 04-13-2015, 06:44 AM
 
Location: Mount Laurel
4,146 posts, read 8,382,146 times
Reputation: 3409
I had zero problem with BofA when I refinanced with them from Chase about 5 years ago. Did the application online and used the title and closing company of my choice.
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Old 04-13-2015, 10:28 AM
 
2,409 posts, read 2,489,978 times
Reputation: 1807
BofA mortgage actually has surprisingly good reviews. Probably the best among the big banks.
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Old 04-13-2015, 11:13 AM
 
Location: New York
2,251 posts, read 4,161,942 times
Reputation: 1607
  • You should be fine - BOA is a direct lender. Most of the problems were from when BOA brought old Country loans.
  • Stay in touch with your personal banker. Have her walk your through the steps of your loan. After you are preapproved, ask her for a copy of your credit report. Also before your closing say you want her to go over your closing costs and the funds you need to bring to the table.
  • IF you are getting preapproved first before finding your property. Your personal banker will be able to provide a Prequalification letter to show sellers are your serious in buying.
  • Throw her a line "if you do good and everything goes well, going to recommend you to others". Loan officers love hearing that....
.
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Old 04-13-2015, 06:37 PM
 
65 posts, read 59,140 times
Reputation: 32
Modification specialist, Thank you.

My personal banker is the one who is doing all the fax. BOA only accepts fax. No email. So I drop off all our tax returns and other docs. She does the fax. I just brought her a box of chocolate to show my appreciation.

I know my FICO score is above 800. I was told my rate is 3.75% (30 yr fixed) with $100 credit to me. This is also the first time I didn't get GFE. BOA broker stated that they no longer gave out GFE. Since it is such a big bank, I feel i can trust her so I didn't insist. But deep in my heart, I worry. Perhaps I should insist on some sort of written confirmation.


I have another question. What is the Form 4506-T for? I signed this form many times for this loan and other loans I am always wondering whether they will really go to IRS to pull our tax returns.
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Old 04-13-2015, 09:52 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,623,584 times
Reputation: 8083
Quote:
Originally Posted by Dora123 View Post
Modification specialist, Thank you.

My personal banker is the one who is doing all the fax. BOA only accepts fax. No email. So I drop off all our tax returns and other docs. She does the fax. I just brought her a box of chocolate to show my appreciation.

I know my FICO score is above 800. I was told my rate is 3.75% (30 yr fixed) with $100 credit to me. This is also the first time I didn't get GFE. BOA broker stated that they no longer gave out GFE. Since it is such a big bank, I feel i can trust her so I didn't insist. But deep in my heart, I worry. Perhaps I should insist on some sort of written confirmation.


I have another question. What is the Form 4506-T for? I signed this form many times for this loan and other loans I am always wondering whether they will really go to IRS to pull our tax returns.
You have no idea how important what you just revealed here. Their system is set up so YOU fax directly into your loan. You fax into the server and the processor is alerted its there. The problem with that process is, once its on the server, you can't stuff that cat back into the bag. And that's a deal killer. So, your personal banker is running interference. And that's a good thing, for you. For him or her, it's a work around to a major problem they have with the system. (It only matters if she quits or transfers and you are instructed to do it the company way).

The 4506 just authorizes the IRS to send transcripts (printouts) of your tax returns.
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Old 04-14-2015, 01:30 PM
 
Location: New York
2,251 posts, read 4,161,942 times
Reputation: 1607
Quote:
Originally Posted by SmartMoney View Post
You have no idea how important what you just revealed here. Their system is set up so YOU fax directly into your loan. You fax into the server and the processor is alerted its there. The problem with that process is, once its on the server, you can't stuff that cat back into the bag. And that's a deal killer. So, your personal banker is running interference. And that's a good thing, for you. For him or her, it's a work around to a major problem they have with the system. (It only matters if she quits or transfers and you are instructed to do it the company way).

The 4506 just authorizes the IRS to send transcripts (printouts) of your tax returns.
Smart Money is on point!!! With good credit and all your paper work in order you should be fine.

You will be required to furnish two years of Federal Tax returns and W2's. The 4506T authorizes the lender to pull copies your tax return to compare against the one's you provide. It costs them money to run an audit, chances of them doing this are slim. They do this if they suspect someone is lying on their application.

Out of the 1000's of loans I originated when I was an LO. One time had borrower working at Fire-Stone Tire store said he made $80k. He whited out and changed the income on his documents. The 4506T came back showing made $45k. That was a deal killer, he also lost ($350) money paid for his appraisal.

As for the GFE an estimate of the costs to close the loan (numbers shown are subject to change). Should be included when you sign your 1003 loan application.

FYI - day of closing generally there are three original copy's of loan documents generated for your closing. One set is for the lender, a copy for the title company/attorney, and one copy for you. These documents are forwarded to agents the day of your closing (generated by the tile company). Normally the loan officer is out of the picture at closing, because then you are dealing with agents to close your loan.

One thing I did that lead to quicker closings was extra was requesting a copy of the HUD Statement the day of closing. Going over all numbers with my borrowers so there were no surprises and everything went smoothly. If you want - tell your loan officer you want go over everything prior to your closing. It takes an extra initiative to do this, she has to request this now listing in your computer file notes, BOLD Instructions to the processor to furnish instructions to title company to provide copes of closing documents to the LO.

Right idea - box of chocolate to show appreciation.

My borrowers would FedEx me cases of Red Bull...



Last edited by Modification Specialist; 04-14-2015 at 02:24 PM..
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