Bank of America closing delays? (loan officer, credit, finance, property)

[zvenik]

I've started a refinancing process with BofA in April 2009. They have moved my closing date 3 times. The last time it was set to 07/30/09. I've received an email from a "processor" -- he has informed that they would not be able to make it on 30th. No new date was given. My rate was locked at 4.5. I understand they may have very little incentives to complete this transaction... They can continue moving closing date indefinitely. Does anybody have any experience dealing with such things? I will really appreciate your advice.

[Buckeye in SC]

Originally Posted by zvenik

I've started a refinancing process with BofA in April 2009. They have moved my closing date 3 times. The last time it was set to 07/30/09. I've received an email from a "processor" -- he has informed that they would not be able to make it on 30th. No new date was given. My rate was locked at 4.5. I understand they may have very little incentives to complete this transaction... They can continue moving closing date indefinitely. Does anybody have any experience dealing with such things? I will really appreciate your advice.

I'm in a very similar situation, I began the process in March (actually w/Countrywide before they merged w/Bank of America), locked in at 4.5% like you, yet haven't even had my closing date set at all yet. I last heard on Monday that they are in the final step, just needing to get a reappraisal (I'm assuming checking on local sales, etc., not an actual appraiser coming back out - if so, they are footing the bill this time for that). I don't know what else to do at this point, I've kept on them every week or every other week and their response has been that they are totally swamped by everyone trying to refi at the same time and doing the best they can. I thought about/kind of threatened taking the appraisal to some local banks and my business elsewhere, but at this point, I'm not going to get anywhere near that 4.5 as rates are back over 5%. I'm really hoping this is closed by the end of August, but at this point, not holdling my breath.

[SmartMoney]

I worked in the retail division of Bank of America and left in the summer of 2008. I left because of how painful it was to get anything to closing. One of my former co-workers had almost 8M in loans to close in June. He got maybe 1.5M closed.

You can have the best rates in the world, but it doesn't do you a bit of good if they can't close the loan.

[Jillaceae]

Originally Posted by zvenik

I've started a refinancing process with BofA in April 2009. They have moved my closing date 3 times. The last time it was set to 07/30/09. I've received an email from a "processor" -- he has informed that they would not be able to make it on 30th. No new date was given. My rate was locked at 4.5. I understand they may have very little incentives to complete this transaction... They can continue moving closing date indefinitely. Does anybody have any experience dealing with such things? I will really appreciate your advice.

You need to complain. Do you have your personal accounts with them? If you do, go down to your branch and demand that they complete your refi. Unfortunately in life and BoA, sometimes the only way to get something done is to start getting mad about it.

I used to work for BoA (this was before the housing bubble burst), and it wasn't entirely uncommon for people to have time issues with their refi's especially. I have never worked for another company that does mortgages, so I don't know if this is "normal" for the industry or not. (It actually happened to my dad!) I felt like it seemed part of the problem was this different departments are involved in the process, so if you talked to someone about an issue, they were problably not the one actually fixing the problem. Whenever it happened it always was someone else's fault. That can be very difficult to deal with at times.

[Eusibius2]

Please speak loudly when calling BofA. I've finally gotten a clear to close after my close date has changed 5 times. On 7/30, I was told by my processor that my loan was scheduled to close on 8/30! This was after I was told by the same person that the loan would close on 7/22, 7/29, and 7/31! Where did 8/30 come from? That was ludicrous. Our loan has been with them for already 84 days and counting. I found that calling them once a week was not nearly enough. You need to keep on them daily. Days before your tentative close, if you haven't heard any positive news, then you need to call almost hourly. I was able to get a lender credit of almost $2000 because of all the delays and rescheduling (very long story). Keep on them and don't give up!

[bobbythebuilder]

I'm just like the rest of you guys. I started my process back in March (4.5%) and closing is still a moving target. I've had even more difficulty with these people. First appraiser they sent out botched the appraisal so bad I wouldn't qualify on an 80% ltv even with PMI. After fighting for several weeks I was able to get them to order a new appraisal (I showed that the idiot had used tax assessment values off of the county appraisal district website for the "comps" that were not even comparable properties - maybe this would work somewhere, but not in Texas where the tax appraisal values can be off by 50% or more in some cases).

New appraisal was about 45% higher than the first appraisal and everything was golden for closing. Then last week I get a call from my BofA agent that he JUST REALIZED the property was in Texas (yes, 5+ months into the never-ending process) and was sorry to inform me that BofA requires a 75% ltv for refinances in Texas. What the hell? I've googled until my fingers bled and I can't find anything that would account for this (Texas has the strongest real estate market in the country! This isn't Las Vegas for heaven's sake!).

Does anyone have any insight into this? Are they just trying to screw me out of this closing because they don't want to honor the 4.5% rate lock? Any suggestions?

Thank you!

[isandman2]

On day 110 for closing of home refinance in California. Rate at 5.0%. Informed today by Bank of America representative that extension was needed (150 days) and new credit check would be processed due to delay. We are 40 year customers of B of A with perfect credit and a home that is not upside down.

Would suggest to others to stay away from B of A unless you have time to answer endless B of A calls and extensions.

[Buckeye in SC]

5 1/2 months after the process began and many headaches later, we signed the closing statement yesterday! Will never use B of A again for home loans, the only 'good' thing in the whole process was they actually sent an attorney out to our house to sign the closing documents at a convenient time. Finally we'll get the benefits of our lower rate and lower payment!

[Mawoods]

WOW I just happened on this thread and feel VERY lucky. We refi with Countrywide/BOA just as they were transitioning. From the time we locked to closing it was less than 3 weeks. Back in the spring. We got 4.375 with 1 point. Actually, they hurried us. Told us we had to close by a certian date and we hustled to get to the closing office. Never knew it would take less than a month. I wonder what the deal was? IT must be unusual.

[Buckeye in SC]

Originally Posted by Mawoods

WOW I just happened on this thread and feel VERY lucky. We refi with Countrywide/BOA just as they were transitioning. From the time we locked to closing it was less than 3 weeks. Back in the spring. We got 4.375 with 1 point. Actually, they hurried us. Told us we had to close by a certian date and we hustled to get to the closing office. Never knew it would take less than a month. I wonder what the deal was? IT must be unusual.

You must have beat the rush, b/c I started w/Countrywide too at the end of February, and unfortunately wasn't given that kind of treatment! Guess you were a fortunate one! Nice rate by the way.