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Old 11-25-2009, 10:39 AM
 
286 posts, read 1,225,774 times
Reputation: 150

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There are quite a number of other fellow City-Data.com folk out here who ARE in the midst of a 203k Full or Streamline loan. Likewise, we are all feeling the pinch somewhere: delayed closings, delayed disbursements, non-existant contacts (or those that are disappearing), inexperienced (non-qualified, negligent, or also disappearing) Loan Officers, etc... the list goes on and on and on. I believe the list is longer that the number of stars in the milky way!

Like many of you, I am also feeling the pinch. I've been there with the delayed closing, but eventually my remodeling work really did start. I actually even received my first disbursement check within a reasonable amount of time (less than 2 weeks of submitting a draw request), and then work continued. Now, on my 2nd draw request I have hit a complete stand-still. My Loan Officer has quit the business and nobody else at his branch knows anything about 203k loans. The 203k department is almost completely unreachable. And that is where I begin this thread...

I'm at the point where I want to share my contact information with others, and hope that others will reciprocate. Is that permissible here?

At the very least, I'm certain I can post the general 203k Disbursement Department contact phone number here: 800-293-8155 and the fax number is 805-306-7041.

I know we all have questions, they are underpaid, understaffed, and overworked. But in the end - who's going to suffer?
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Old 11-28-2009, 08:19 PM
 
Location: Salt Lake City UT
61 posts, read 285,729 times
Reputation: 26
Typically the loan officer would not have been able to help you anyway, so not much loss there.

The problem you are having may be related to the terms of the loan. What were the terms of how many disbursements and how much is the minumum amount that they will pay?

You will have to deal with BofA's 203k Disbursement Department as they are the only people that can get your disbursement to you.

.
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Old 11-28-2009, 10:23 PM
 
286 posts, read 1,225,774 times
Reputation: 150
I know I have to deal with the 203k department, and that's the problem. They are inundated with work, significantly understaffed, lousily underpaid (aren't we all), and under extreme scrutiny.

The terms of my loan are nothing out of the ordinary. We have a full 203k loan, so we can get any dollar amount disbursement we request. We have a maximum of five (5) allowed disbursements and this is the 2nd. The first went surprisingly fine and quick. This one, however, is quite the opposite. We have now had to file our draw request, lien waivers, and another copy of our building permits (which aren't necessary since we submitted them for the first draw and are clearly valid for 12 months).

Here's the problem - nobody answers the phone for the general number we're given. Nobody. 99% of my time calling I can't even leave a message! How is this productive for Bank of America? Their email for the department? Just as useless. All emails go unanswered. My contractor only got a simple response when he was very derogatory and threatening to the bank. The response from BOA was they will simply not pay under those terms and all monies remaining will be put back towards my equity. No real loss for me, except that now puts me on the hook to pay the GC. But wait, it's better than just that. Since I only get the money in equity - I have to take out a loan to pay him? Didn't I already take out a loan to pay him? So this in essence would be paying twice for the same project. Yeah, BOA doesn't care because then they get the interest twice. Double the money for no work. That's not productive at all. On several other websites, they are calling for class-action lawsuits for their lack of responsibility towards the homeowners.

Don't get me wrong, I'm not angry at anyone here. Just highly frustrated, which I'm sure is significantly apparant. Here's a few things I've heard about BOA's 203k department lately (NO, I'm not defending them, just laying out how absurd this is):

- yes, they are overworked and underpaid. We all are....
- They are short-staffed. Notoriously rumored at 5 personnel, 1 manager, and 1 supervisor.
- Recently acquisition of Taylor Bean Whitaker introduced an additional 150,000 203k loans this month alone. There are rumors that they are pushing nearly 10,000+ disbursements daily and they are still not catching up, but falling further behind.
- Reportedly rumored they are in the process of updating their phone support system to better handle the extreme volume of calls they receive. Maybe now homeowners will be able to leave a message. Doubtful anyone will still answer any more than they do now....
- Once upon a time, they were telling customers that once they received a draw request, they had 48 hours (really 2 business days) to turn around and cut a check which would be mailed to you over night. I can attest to this as truth because this is more-or-less how my first draw request happened. Nowadays, they are only noted as saying it will take 10 days (presumably business days) "to get to your request" with no further information as to when they would actually CUT the check.

So where does that leave us? It leaves us to find out more ways to get hold of the 7 rumored people in the 203k department by direct contact. Yup - it will overload their personal phones and emails. Undoubtedly, no question. Not like it really makes that much of a difference here. Maybe someone will actually get a response.
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Old 11-28-2009, 10:25 PM
 
286 posts, read 1,225,774 times
Reputation: 150
BTW - I'm not even going to throw in 'fair'. But I will here just for grins and giggles. I had a bathroom remodel. Every contractor I initially talked to said the entire project (including all the small odd's n ends projects) would take a max of 2-3 weeks. So my wife and I planned on roughly 6 weeks, maybe more, possibly less. Guess how long we've been dealing with this 2 week project?

We started August 10.
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Old 12-04-2009, 12:36 PM
 
11 posts, read 54,852 times
Reputation: 10
Default another number to use

I also have received my first draw and am trying to get an inspection so I can reqest final draw. I called this number today and got an actual person: 1-866-921-4764 Roshawnda. I have called this number twice and have received a real p[erson.

These people have been assigned to take 203K streamline department calls. They do know the manager of the 203k streamline : Carol Sherman and Kerrie but how much help you will get after stating your concern I am not sure.

It is worth a try. I am waiting for an inspector so I can close my loan. I have sent my letter of completion this morning.
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Old 12-04-2009, 12:55 PM
 
286 posts, read 1,225,774 times
Reputation: 150
ldmeyers - good luck finishing your project. Our last item on our punch list is being installed on Tuesday 12/8, so we can have our final inspection shortly thereafter and request our final draw too. Man, I can't wait to finish this thing. It's a great loan, but it's a complete nightmare.

These are some of the names and contacts I was able to pool together for this department:

Main email address: 203k.disbursement.unit@bankofamerica.com

Kimberly R. King - MLO Unit Leader in Disbursement Management in Special Claims/ Escrow Holdback. kimberly.r.king@bankofamerica.com

Tammy Lopez. extension #5473 tammy.kay.lopez@bankofamerica.com

Vincent Lopez. extension #5446 vincent2.lopez@bankofamerica.com

Others:
Cynthia (last name?) extension 5304
Karrie Riggans
Carol Sherman
Sharon Legg
Maribel (last name?)
Christina Oliver – no longer part of 203k department as of 10/23 although she was extremely helpful..

Generally you can figure out the email address by firstname.lastname @ bankofamerica.com although common names will throw in middle name or initial...

Last edited by Eusibius2; 12-04-2009 at 01:12 PM..
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Old 12-04-2009, 01:11 PM
 
286 posts, read 1,225,774 times
Reputation: 150
and... if you're really stuck in a bind (I'm not at that point yet, but keeping these just in case):

Everybody's boss
President of Home Loans Barbara Desoer 818-225-4835
Michael's boss
SVP Rebecca Mairone 818-225-4789 rebecca.mairone@bankofamerica.com
- Mortgage Servicing Executive (as of 8/27/09, she replaced Steve Bailey)
Lee's boss
SVP-Michael Keating 805-955-8884 michael.keating@bankofamerica.com
- National Servicing Executive
Jeff's boss
SVP-Matthew (Lee) Warlow 972-526-6396 lee.wardlow@bankofamerica.com
Tammy's boss
VP-Jeff Frith-Smith 805-577-5471 jeff.a.frith-smith@bankofamerica.com
FYI - most of these email addy's and phone numbers are publicly available somewhere online. With a little Google searching, you'll find them too. Now, they're just in one place.
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Old 12-04-2009, 02:31 PM
 
11 posts, read 54,852 times
Reputation: 10
Default Eusibius2 - Thanks for the info

Even though I have talked to someone I understand from the post I have read that that does not mean you will get results. I am sure I will be using this info often.

Again Thanks
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Old 12-05-2009, 10:49 AM
 
6 posts, read 31,595 times
Reputation: 13
I am no longer alone! Thank you so much for your posts. I am in the midst of this nightmare called 203K. Can you tell me how I file a draw request?
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Old 12-05-2009, 11:25 AM
 
6 posts, read 31,595 times
Reputation: 13
I am new tot his site, so forgive my duplication. I entered in to a contract to purchase my first home with a 203k streamlined mortgage the first week of July 2009. The closing date was Oct. 20th. I was completely unaware and unprepared for the "Catch 22" situation I am currently in. I have experienced the frustration of the unreachable BOA disbursement unit and lack of guidance and instruction. I successfully jumped through every pre-loan hoop set in front of me. I have read several posts and find (bitter) comfort in knowing that I am not the only one. Thank you all so much for your informative posts.

If anyone can offer suggestions or information on the following, please do so ASAP: Draw requests-Do I need to submit a form or official letter to receive my first disbursement? If I do need to do this, where do I get the form? Where do I send it?

I have been told that as soon as my paperwork is processed I will be issued an over-nighted check for 50% of the rehab amount. The rep didn't mention anything about submiting paperwork or a draw request. My paperwork is currently in the stage of being assigned "vendor numbers" for the contractors and should take anywhere from 7 days to 3 weeks to complete. At the time of that call, 11/24/09, I was informed that the disbursements for loans closing late September were being processed. I am desperately praying for a Christmas miracle. I need this money to buy paint, painting supplies and a carpet. I have had to borrow and extend my credit to the limit for the money to buy supplies for a roof, fix wiring and other repairs necessary to make this house habitable.

Asside from the experiences some of you have already related, I have endured some rather interesting things.

Pre-loan processing: I had to get two people to write references that I am capable of painting my own walls and ceilings! This was not stated as a requirement in the self-help agreement. The lender , Plaza Home Mortgage, had the routine of requesting additional paperwork on Thursday afternoons. I would supply the needed items to my mortgage broker on Friday or Monday. He'd fax it to PHM the same day. On the following Thursday they would ask for something else. We could never et them to give us a list of all needed items at once. This caused significant delays. For example, they asked me to explain what the deductions on my pay stubs lalbeld STRS
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