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Old 06-25-2015, 07:06 AM
 
Location: Texas
3,698 posts, read 2,849,143 times
Reputation: 6095

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Looking for advice on the best avenues and agencies to file a complaint about the lender I am working with based on what I deem to be completely unsatisfactory customer service with them.

I am using Bank of America (yes, yes, I know....) on a home loan that was supposed to close on June 17th. We are still not closed and I am sitting around living with family at our new destination paying $600 per day to have our items sit on a truck. We switched to B of A after starting the process with the lender that has our current mortgages because they failed to lock us in to a good rate and B of A did have a great rate and, well, you can guess the rest. That's what happens when all you do is look at the rate and disregard all the warnings you get from people.

There have been a number of delays and lack of any sense of urgency or genuine attempts by them to expedite the process to close on time (IMO). Elevating this to the relevant Managers seems not to matter at all. None of these delays involve any issues or delays on our part, either with us as applicants, or with the home.

I wish I never pursued a loan with them, but we did and that's the way it goes. I feel utterly stupid that we ever went with them. Needless to say, I will never be financing anything with them again. And, I respectfully disagree with anyone who might be thinking these things just happen (and possibly are even common), because this is my 6th home purchase in the past 15 years using multiple lenders, and nothing like this has even ever come close to happening before.

So, my questions would be as follows:

1. What are the best entities or agencies to file complaints with? The state real estate commission? The BBB? The CFPB? All?

2. Is there even any point to filing a complaint that involves customer service issues that cause delays in closing (as opposed to truth in lending violations, errors of fact etc).

3. Is there any point in asking B of A to reimburse me for the over $2,000 I will spend with the moving company on additional expenses? Even if I don't have a snowball's chance, I am wondering if it is worth asking for.

Thanks in advance.
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Old 06-25-2015, 07:11 AM
 
35,121 posts, read 37,872,955 times
Reputation: 61848
Have you spoken to the Bank Manager?
Have you asked your Attorney to send them a letter in regards to getting the home closed detailing the expenses?
Do you have in writing exactly what the delay is?

Perhaps you should consider a month to month storage facility until the home closes and you can move in.
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Old 06-25-2015, 08:17 AM
 
10,276 posts, read 6,523,579 times
Reputation: 10857
Why would you put your stuff on a truck before you closed on a place unless you had a storage unit to put it into?

I would call the corporate office and ask to speak to the CEO. Not that you will but maybe they will let you speak to an assistant who can expedite the problem.

Also find the regulatory agency who oversees them and file a complaint.

They never promised you a closing date guarantee so if you jumped the gun and had to remove things from your old place that's on you and I suggest you mitigate your damages by putting the things in storage because it's your own fault.
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Old 06-25-2015, 08:54 AM
 
3,322 posts, read 7,264,972 times
Reputation: 4105
Quote:
Originally Posted by Texas Ag 93 View Post
Looking for advice on the best avenues and agencies to file a complaint about the lender I am working with based on what I deem to be completely unsatisfactory customer service with them.

I am using Bank of America (yes, yes, I know....) on a home loan that was supposed to close on June 17th. We are still not closed and I am sitting around living with family at our new destination paying $600 per day to have our items sit on a truck. We switched to B of A after starting the process with the lender that has our current mortgages because they failed to lock us in to a good rate and B of A did have a great rate and, well, you can guess the rest. That's what happens when all you do is look at the rate and disregard all the warnings you get from people.

There have been a number of delays and lack of any sense of urgency or genuine attempts by them to expedite the process to close on time (IMO). Elevating this to the relevant Managers seems not to matter at all. None of these delays involve any issues or delays on our part, either with us as applicants, or with the home.

I wish I never pursued a loan with them, but we did and that's the way it goes. I feel utterly stupid that we ever went with them. Needless to say, I will never be financing anything with them again. And, I respectfully disagree with anyone who might be thinking these things just happen (and possibly are even common), because this is my 6th home purchase in the past 15 years using multiple lenders, and nothing like this has even ever come close to happening before.

So, my questions would be as follows:

1. What are the best entities or agencies to file complaints with? The state real estate commission? The BBB? The CFPB? All?

2. Is there even any point to filing a complaint that involves customer service issues that cause delays in closing (as opposed to truth in lending violations, errors of fact etc).

3. Is there any point in asking B of A to reimburse me for the over $2,000 I will spend with the moving company on additional expenses? Even if I don't have a snowball's chance, I am wondering if it is worth asking for.

Thanks in advance.
I'm really sorry, I have been on the other end of the phone when we had to put families up in hotels due to a blown closing***. But, honestly, complaints don't matter. B of A can withstand anything. Your best bet is to speak with a manager's manager and threaten that you will never let go of the situation, mention the CFPB, social media, threaten to use that manager's name. Gotta make it personal, The Obelisk ain't going anywhere.

I can probably DM you the right name if you can tell me what state this is happening in.



***I haven't worked for The Mothership (Death Star?) for many, many years.
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Old 06-25-2015, 08:54 AM
 
Location: Texas
3,698 posts, read 2,849,143 times
Reputation: 6095
Quote:
Originally Posted by so954 View Post
Why would you put your stuff on a truck before you closed on a place unless you had a storage unit to put it into?

I would call the corporate office and ask to speak to the CEO. Not that you will but maybe they will let you speak to an assistant who can expedite the problem.

Also find the regulatory agency who oversees them and file a complaint.

They never promised you a closing date guarantee so if you jumped the gun and had to remove things from your old place that's on you and I suggest you mitigate your damages by putting the things in storage because it's your own fault.
Because I built in a 10 day window in case there was a delay and expected that any delay would be a day or two. The moving delivery date was 6 days after the packing date, which is more than enough time. I really have no frame of reference for anything like this ever happening before because I have never come close to any delay on any other home I've purchased, and several of them were these exact scenarios-(close on, or very close to, the timing that the items at the previous house were being packed up). Of course, had these delays started before I began packing, we never would have had our belongings packed and loaded.

It's kind of hard to put a 20,000 pound shipment that fills an entire semi trailer in a storage facility.

It's being handled at a huge B of A center located in another state. There are no B of A branches in Denver (where we moved from), save one that just opened and is only a branch for transactions I believe. So, there is no ability to talk to anyone face to face, no calling up and talking to a CEO. Of course there are Managers already involved in this, and still nothing. They really don't care, that's what it boils down to. As you point out above, they never give a guarantee. Buyers and Sellers have all sorts of contractual obligations to get things done, but lenders and everyone else aren't so encumbered.

And, yes, it is all buyer beware, but save paying for a home in cash, you are at the mercy of the lender and I, perhaps naively, expected them to do their jobs correctly. That's certainly what everyone expects of me in this process.
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Old 06-25-2015, 08:58 AM
 
Location: Texas
3,698 posts, read 2,849,143 times
Reputation: 6095
Quote:
Originally Posted by Pfhtex View Post
I'm really sorry, I have been on the other end of the phone when we had to put families up in hotels due to a blown closing***. But, honestly, complaints don't matter. B of A can withstand anything. Your best bet is to speak with a manager's manager and threaten that you will never let go of the situation, mention the CFPB, social media, threaten to use that manager's name. Gotta make it personal, The Obelisk ain't going anywhere.

I can probably DM you the right name if you can tell me what state this is happening in.



***I haven't worked for The Mothership (Death Star?) for many, many years.
See, and in my heart, I know this is the ultimate answer. And, they won't care if I never finance anything with them again, or even close my accounts. And we are the kind of customer they should want to keep.

I'm afraid you hit the nail on the head with your comment.

Any complaint I make to the CFPB will include names and NMLS numbers. But, I am certainly not doing anything before this closes. Threats won't help at this point.
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Old 06-25-2015, 09:02 AM
 
3,322 posts, read 7,264,972 times
Reputation: 4105
Quote:
Originally Posted by Texas Ag 93 View Post
See, and in my heart, I know this is the ultimate answer. And, they won't care if I never finance anything with them again, or even close my accounts. And we are the kind of customer they should want to keep.

I'm afraid you hit the nail on the head with your comment.

Any complaint I make to the CFPB will include names and NMLS numbers. But, I am certainly not doing anything before this closes. Threats won't help at this point.
Threats are the ONLY thing that will help. I know literally hundreds of people at that company's mortgage division. It's been about self-preservation for ten+ years now. A massive gaggle of cowards.
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Old 06-25-2015, 11:00 AM
 
Location: New York
2,251 posts, read 4,165,968 times
Reputation: 1607
Agree with Pfhtex

Being a former loan officer - (most of the time) loans close towards to end of the month. Refinances first because of the three day recid period, purchases willing to bet your closing will take place on June 30th.

If you don't close on the 30th, a simple solution to you problem is doing a rent back agreement with the seller of the property you are looking to purchase. Paying them rent to store your belongings, instead of paying $600 per day to sit on a parked truck.

My $00.02


..
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Old 06-25-2015, 08:58 PM
 
Location: Texas
3,698 posts, read 2,849,143 times
Reputation: 6095
Thanks all. The title co has the info now and we will probably sign tomorrow and B of A is giving us a credit at closing that takes care of about half our costs. I was somewhat surprised.
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