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I am in the process of dealing with them and I have spoken to 4 different loan officers and they have all had me re-do the pre-approval with them. They all give the same story that they don't trust what the other person did. Why is there such a high turnover rate? One person is no longer with the company and two others were re-assigned. I am quite annoyed and will probably be going with a different company even tho my company offers incentives for using BoA. The incentives aren't worth it if the loan isn;t processed properly or seriously delayed.
I had a terrible experience with BOA on a short sale-they waited 5.5 months, before coming up with information that they should have had at the beginning of the process-and when the whole deal fell apart, they did not care one bit that I had been waiting on them, and had all my ducks in a row. Now I am dealing with a foreclosure with Chase bank-and holding my breath. My mortgage company is Castle and Cooke and they say they can close in 30 days-but I am afraid that Chase, who all of the sudden has slowed things down-will do something to mess this deal up. I already have all my documents submitted to my mortgage guy-and I barely got a signed contract back from Chase, after waiting over 3 weeks-now they have crossed out the dates on the contract, and written new ones in, because they went beyond their week's approval time. I am so angry-and I have no control-except to take a hike and not do the deal. I hate BOA-I bank with them, but once this is all over, they are losing my business! I don't feel sorry for any of the banks and the messes they have on their hands, most of them treat buyers like criminals-and they are calling all the shots. I hope they all go belly up, and I will keep my money under my mattress!!!!!!!!! DO I SOUND A LITTLE BITTER??? YOU BETCHA~~~
Last edited by IdaHoeHotPotatoe; 10-21-2010 at 02:02 AM..
Reason: spelling
Wow sorry for all your frustration, as if buying a house isn't stressful enough!! I actually bank with BoA as well, because they are very convenient for regular checking. That's why I was so surprised at the lack of professionalism on their part for mortgages. Well I wish you luck with Chase.
I was once admonished for trying to help one of my customers after idenity theft at the bank. My job was mortgage loans, period. Forget the fact I brought that family's business to the bank and they followed me from another company. Anyone that think BOA cares about the individual customer is disillusioned. That teller or branch manager is mentally checking thru a mental list to see if you are the customer that can help them meet a quota for a new account, insurance coverage, or any other companion service. The loan officer may care, but their manager is only about the numbers, period.
I left after it was apparent the system was seriously jammed. So jammed, they had to start paying loan officers more per case, just to stay. There is no doubt in my mind the turn over is due to loan officers leaving because they cannot get anything done. I left after it was apparent I was going to lose my referral base. I could have survived on bank customers, but why throw away 20 years of building a referral system?
It wasn't long ago I read that BOA had hired folks in their IT department to do nothing more than troll the web and create dialogs about the great experiences and great rates they were receiving. Pretty cutting edge, if you think about it. We still have a good deal of gullability when reading on the web.
I'm not a fan, I was sold a bill of goods when I went to work there. They lure you in with great rates, but what good are they if you can't close?
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