Refinancing taking forever

[reebo]

Shocker, dealing with BofA and have had our current mortgage with them for over 8 years. I sent an email last night withdrawing application. We'll see.

[annerk]

I just re-fi'ed, took 15 days--would have been shorter but I was delayed in getting them one of the documents they needed as I was out of town.

[reebo]

Just heard from BofA. Couldn't care less about losing our business--I'm sure they have more applications than they know what to do with, judging by our experience. No penalty, no fees. What a waste of time.

Thanks for all your replies. Still jealous of those who refi'd in less than a month.

[reebo]

Bumped this for an update and a request for input.

After we withdrew our refi application the loan officer called me back and sweetened the deal. I said we'd go forward but I'm not providing any more documentation as they had everything they need to approve this refi. He agreed. Fast forward two weeks and I get a request to "provide a letter of explanation why my husband's income both increased 14% and decreased 41% in 2012," along with a request to explain (for the third time) the different addresses associated with our names. I was a bit dumbfounded, as I'm not sure how to explain both an increase and a decrease in anything. I declined to do either and again withdrew our application in writing. I considered this done.

Yesterday I received in the mail a letter saying BofA is unable to approve our refi request because they are unable to verify my husband's employment.

Questions:
1) Why did I receive this later saying they're declining to go forward when we withdrew our app weeks ago?

2) Will this effect our credit rating--does BofA report this to the credit rating agencies?

I called the customer service number listed on the letter and, true to form, haven't heard from them.

Any suggestions or input is welcome.

[LOL_Whut]

Originally Posted by reebo

Bumped this for an update and a request for input.

After we withdrew our refi application the loan officer called me back and sweetened the deal. I said we'd go forward but I'm not providing any more documentation as they had everything they need to approve this refi. He agreed. Fast forward two weeks and I get a request to "provide a letter of explanation why my husband's income both increased 14% and decreased 41% in 2012," along with a request to explain (for the third time) the different addresses associated with our names. I was a bit dumbfounded, as I'm not sure how to explain both an increase and a decrease in anything. I declined to do either and again withdrew our application in writing. I considered this done.

Yesterday I received in the mail a letter saying BofA is unable to approve our refi request because they are unable to verify my husband's employment.

Questions:
1) Why did I receive this later saying they're declining to go forward when we withdrew our app weeks ago?

2) Will this effect our credit rating--does BofA report this to the credit rating agencies?

I called the customer service number listed on the letter and, true to form, haven't heard from them.

Any suggestions or input is welcome.

The broker is trying to cover his rear with his boss. His "numbers" look better if he declines you than if you withdraw on him. He'll never admit that, though.

The broker must have lots of loans stuck in his pipeline for some reason, so he's trying to clear out the "dead" deals in the way that looks best when he presents his numbers to his boss. If he has lots of loans labeled "withdraw", his boss will ask him just what is going on with his pipeline! But lots of "declines" tells his boss that he's just taking lots of applications from non-approvable customers. He doesn't want to admit he screwed up.

The decline decision won't be reported to your credit. Credit reports only deal with tradelines (accounts that were opened at some point).

PS: I spent many years in banking, including a few working for BofA. I'm very familiar with "pipeline management", although I never did sketchy stuff like this. Had lots of fights with BofA mortgage guys in the office...