Bank of America closing delays? (loan, rate, refinance, loan)

[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.

[dad2jules]

I work with their wholesale division and get purchases closed in 3 weeks.

[NJ987654]

Yes, I have heard of delays at Bank of America. I am mostly hearing this on refis, although I'm sure it is affecting purchases also. In B of A's defense, the entire industry is a little slow right now though. 45 days for FHA seems reasonable.

[Eusibius2]

My BofA FHA 203k loan is taking 75+ days and counting.... :-(

[Pfhtex]

If you fit in that very tight box that offers some really great incentives for doing business with them, then go for it.

What kind of incentives?

BofA is in a tough spot. The people there are working themselves to death, they are just completely underwater.

[Buckeye in SC]

I initially started my refinance process w/Countrywide in March who of course is now part of Bank of America, here we are in mid-July, and I'm still waiting for it to close, so yeah, I'd call that a delay! I talked to someone last week and they are at least working on it now (whatever that means), so I can only hope that by the end of this month it will be completed...at this rate I will pay off my existing mortgage before I even need to refinance!

[NJ987654]

Bigger is not better. B of A/Countrywide is as big as they get right now. All of the top lenders are backed up.

[foma]

Our closing delayed but it was because of appraisal issues, not BoA/Countrywide issues.

Delayed by a month.

[argentsong]

Originally Posted by Pfhtex

If you fit in that very tight box that offers some really great incentives for doing business with them, then go for it.

What kind of incentives?

BofA is in a tough spot. The people there are working themselves to death, they are just completely underwater.

They were offering a mortgage insurance package free for a year that would cover mortgage and interest if we fell into financial hardship. Offered 4.875 with 1.375 point(s).

Decided to go with a broker that I have a personal relationship with. We will see what happens.

But for anyone looking to close quick. A friend of mine referred me to Colonial Bank here in Austin. He said they closed his FHA within 2 weeks. I spoke with his contact and she sounded pretty sure that she could close us before the end of the month.

Thanks for the input!

[Synergy1]

B O A and countrywide would not return our call to refi. So after 65 days we are going to settlement today on another bank. My brother is a mortgage broker and he says 60 days is not unusual in today's market. We locked in at a below 5% rate and we know the rate is never guaranteed for a long time so we will be happy after we close below 5%....