Bank of America closing delays? (loans, fixed rate, 30 year, fees)

[nirenjoshi]

I just stumbled upon this thread..
I initiated my refinance with BoA/CountryWide at the end of March and locked in at 4.375% & 1 point.. And since then they have just been extending the lock period. Last email from the processing agent said they hope to close this month..

[Mawoods]

Very interesting - we were told that our loan had to close within 30 days to get that rate. Does make you wonder what is going on. This was back in March.

[sallie_is_very_unhappy]

Similar story. I am dealing with people in Maitland Florida. My original closing date was 7/13. I started this in April.

My "processor" contacted me on 7/1 and informed me that I would be closing in Early to Mid August. My lock period was set to expire 7/13. I have tried to stay in touch with him and he continues to have no news for me.

I am now trying to talk to his manager. You cannot reach her by phone. She simply does not answer her phone. I called the main office number and did speak to a real person, she said she would give the manager a message to call me, but so far, no call.

I agree. They have little incentive to get this loan closed. It is much more important to me than it is to them. Rates are higher now.

I will come back here and post if I get any satisfaction talking to the manager. If you are looking for a place to take out a loan, I would not suggest using BoA.

[Eusibius2]

Sallie - hang in there and stay persistent. Get as much in writing with them as possible and keep hounding them until they do answer your calls. They are working FOR YOU! You are not there because they asked you to be there, rather - they are there making money because you agreed to give them money. Put them to work! Be the squeeky wheel and get some attention.

I firmly believe the only reason our loan closed was because I made so much noise - calling everybody and anybody to get this going, holding each of them accountable for their in-actions. Call your loan officer and get some names. Email them. Call them. Get your loan officer to extend your lock-in rate, most likely it was their delays that caused you to miss your close date, so they should extend your rate and not be forcing you to get today's rates!

Good luck!

[odderf]

We're trying to do a Refi....since we were countrywide customers for 15 years....we are now over 130 days...talked to a regional supervisor....lots of people are still waiting from January and February to close on refi's...forget trying to get the locked to decrease when their rates go lower than ur locked in rate....our fica's are over 780 with cash in the bank....they don't know how to handle biz and BOA must be in some banking bind.....

Originally Posted by argentsong

Hello

Trying to choose a good lender for a home purchase. I decided to go with BoA since I bank with them and they offered some nice incentives. I told my Realtor that I went with BoA as the lender. She said she has heard rumors that BoA have been really slow to close ever since they aquired countrywide. She stated if I stick them I might have to wait up to 60 days to close.

I asked BoA, they said the merge with countrywide is complete. As long as everyone does their part closing should take no longer then 45 days on a FHA.

Has anyone experienced a delayed closing with BoA recently ?

Thanks in advance.

[nirenjoshi]

Update-
Not closed yet.. But seems like something is going on. The agent called me a few days ago and asked for recent paystubs and other documents to forward to the underwriter.. Online status still doesnt show submission to Underwriter. I hope to close this month, based on the urgency shown by the loan agent.

[Eusibius2]

I'd take it as a good sign. BofA did the same thing with me - asked for same thing plus personal contact number for HR at my office and wife's to confirm with our employers that we were STILL employed. Loan was submitted to final underwriter the next day or two and we closed about a week later (7/27 to 8/4). Good luck, there is light at the end of the tunnel!!!

[teechin]

Bank of America is the worst. I was with them for three months. I know everyone is slow, and backlogged, the only person who did their job was my loan officer. They sent me committment and changed underwriters on me and declined my loan. Anyone know anyone on Long Island who can put through my FHA quick? good credit and 10 percent down with a co-borrower?????

[Bette]

I have a friend who works for them and they have large centers they are opening throughout the country, hiring a lot of people, generating more and more business. Obviously, they can't handle what they have.

I deal with a great bank with LOW rates in the 4's where you could close in 10 days. Their model of doing business is so superior to BOA and Wells. Their system is so easy and when I get a clear to close, I can get a closing package within the hour.

I am a small mortgage broker and I often wonder what takes these banks so long. It is hard on all of us.

The banks are also holding up short sales. I was told on one today that is with CW/BOA that it will be another 7 months. So, now the buyer will lose the $8000 tax credit and she will have to find another property. She is presently renting the home, loves it and has been waiting since May 2009.

[stuffavail]

Pity, but your banking with them means nothing.

They are all slow but BofA did buy Countrywide which, is supposed to have its own processors, but
its all slower than things used to be. 60 days seems excessive, however.

Notice they said "if everybody does what they are supposed to". That is their out.
Appraisals are delayed quite a bit nowadays and agents have been taken out of the mix and can no longer call someone good and make it happen for you faster.

Remember this: YOU are the client. You must hop to the lender's every request with the utmost alacrity. Take notes when they ask for he next thing. Don't rely on your memory.

Once your file has left the salesperson's desk and goes to a processor, you must deal with the processor alone. They are totally under the gun. The loan sales force for the bank buries them with files to complete. Make his/her life easier. Call or email frequently to see what is next or how you can be helpful.

Make sure, for example, that they have a legible copy of the contract from the get go and that the main facts are clear. They can fund the wrong amount if they go by page 1 of the contract and fail to see the final counter offer with the ultimate price and terms. Whatever they need, provide it fast or your file will go to the bottom and your closing jeopardized.

You may be on the hook contactually to close by a certain date, but they are not.

Worry not, you can handle this. It's just not quite the barrel of laughs it used to be.
:-)