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Every bank experiences Audits and Federal Examinations, but those are POST-closing. Sometimes buyers are inconvenienced, but at closing, they signed documents (errors and omissions statement) that they will assist with whatever it takes to make the loan saleable on the secondary market.
What is going on with Bank of America is something entirely different. They've been slapped hard by the Feds and now they are trying to back-track, damage control, too little, too late.
Wow, what part of the country are you in? I'm hearing the west coast is closing up processing centers........California and Arizona. It sure would explain the delays......
NEW YORK (AP) – Bank of America(BAC) is considering cutting at least 10% of its workforce as part of its restructuring, according to published reports.
The Wall Street Journal said officials at the Charlotte, N.C. bank have discussed cutting 40,000 employees, or 14% of its 288,000 staff. Bloomberg put the job cuts at about 10%. They each cited people who were not identified by name. A spokesman for Bank of America wasn't immediately available to comment before business hours on Friday.
Bank of America has already cut at least 6,000 jobs this year as part of its reorganization under CEO Brian Moynihan, who has been in the top spot since last year. Moynihan earlier this week shook up the bank's management ranks, announcing that two key officers will leave and promoting two others to share the chief operating officer role.
My brother was a B of A short sale negotiator for the last 3 years. He finally had to quit because their system is so screwed up over there. He does have his real estate license here in AZ and is now assisting others doing short sales thru B of A. He just did one for me and had it approved in 4 weeks from contract date. Not that B of A still didn't try to pull a bunch of crap and mess up the transaction! Luckily, he knew the right people to call!
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Originally Posted by AZPam
My brother was a B of A short sale negotiator for the last 3 years. He finally had to quit because their system is so screwed up over there. He does have his real estate license here in AZ and is now assisting others doing short sales thru B of A. He just did one for me and had it approved in 4 weeks from contract date. Not that B of A still didn't try to pull a bunch of crap and mess up the transaction! Luckily, he knew the right people to call!
Yes, my closing date was pushed back 2 weeks because of the Audit. Was scheduled to close on the 15th, and I didn't settle until last Friday. Apparently October loans aren't affected but all September loans were. In my case, I didn't have to live in a motel room for 2 weeks so it really didn't affect me, but I'm sure it was a hassle for the majority.
I had an it happen. Cost us 3 business days, made us miss closing date. Seller got a backup offer but we were fortunate and they decided to honor our deal and close late.
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