The Details

  • July 22 – Pre-approval received by Bank of America for an FHA loan.
  • September 8 – Offer made
  • September 18 – Senior Mortgage Loan Officer (SMLO) “I will need 30 days from the time I have the appraisal in hand”
  • September 18
    • Home inspector’s report received
    • Mr. & Mrs. Buyer decide to explore the option of a 203k loan to address the repairs that may not pass FHA inspection.
  • September 19
    • Seller requests that the following sentence be added to the Bank of America pre-approval letter: ALL INCOME, ASSETS AND CREDIT HAVE BEEN VERIFED.  Buyers request that this sentence be added.
    • Realtor forwards an alternative form, requesting personal financial information to be processed by the Seller to verify income, assets, and credit.  Buyers opt to continue with the request to change the BofA approval letter due to discomfort releasing information to Seller before the contract is signed.
    • SMLO replies “I can create a letter to satisfy the details needs”
  • September 20
    • Realtor appeals to SMLO for revised letter to meet October 7th closing date.
  • September 22
    • Mrs. Buyer requests an update from Bank on the revised pre-approval letter.
  • September 23
    • SMLO replies with three sentences in an email “I am confirming that all income, assets and credit for [Mr. and Mrs. Buyer] were viewed concerning their pre approval letter. The Pre approval letters from Bank of America are generated from our automated underwriting system only. That means full automated underwriting was done off the credit, income and assets. This pre approval letter cannot be altered.”
    • In an effort to expedite the process without Bank of America’s cooperation, Mr. & Mrs. Buyer reluctantly fill out the Seller’s verification form to prevent any further delays.
    • Mr. Buyer meets with 203k Certified contractors for bids on the necessary repairs on the house.
  • September 26
    • Contract was signed by seller.  Officially under contract.
  • September 29
    • Mr. & Mrs. Buyer decide that a 203k loan is necessary to make the home inhabitable.
  • September 30
    • SMLO – “We will expedite as fast as possible (to ensure an October 31 closing date)”
    • Both contractor bids are submitted to Bank of America.
    • Mr. Buyer instructs SMLO to order an expedited appraisal.
  • October 3
    • Buyer files extension with Seller to move closing date from October 7 to October 31 to accommodate 203k loan.
  • October 4
    • Seller agrees to extend closing date to October 31.
  • October 5
    • Seller requests updated pre-approval letter for 203k loan.
  • October 6
    • Mrs. Buyer requests an update from SMLO regarding the pre-approval letter.
    • Seller receives pre-approval letter from SMLO.
  • October 11
    • Mr. Buyer requests update from SMLO, stating it has been 12 days since the expedited appraisal request, and seeking information on next steps.
    • SMLO informs Mr. Buyer that loan documents were forwarded to Retail Sales Manager (RSM) on October 3.  SMLO is under the impression that the appraisal has been ordered. Reaches out to RSM assistant and apologizes that no one has given Mr. Buyer an update.
  • October 12
    • RSM makes contact with Mr. Buyer.  She knew nothing about our loan and had not ordered the expedited appraisal.
  • October 13
    • RSM tells Mr. & Mrs. Buyer will need to extend the contract to November 28, even though she expects to close before then.  This is the last communication we would receive until October 21.
  • October 17
    • Mr & Mrs. Buyer request file an amendment to extend the closing date to November 28.
  • October 21
    • Mr. Buyer contacts RSM to get an update as Mr. Buyer’s credit card has not been charged for the appraisal.
    • Home Services Specialist (HSS1) reaches out to Mr. Buyer via phone to talk about the welcome packet.
  • October 24
    • Update from RSM, stating that results of appraisal are due October 31 – email reveals that appraisal was not ordered until October 19.
  • October 25
    • We submitted all documents from the welcome packet to HSS1.
  • October 26
    • Submitted the first series of documents requested by the underwriter.
  • October 28
    • HSS1 submitted the documents sent two days before to the underwriter.
  • October 29
    • Seller agrees to November 28th closing date.
  • October 31
    • The results of the appraisal were submitted to Bank of America
  • November 4
    • The underwriter approves the loan and submits a list of conditions.
  • November 11
    • All conditions were submitted to HSS1 for the underwriter’s approval.
    • HSS1 misses scheduled call.
  • November 14
    • HSS1 does not answer another scheduled phone call.  She later claims there was a fire drill in her building.
  • November 15
    • Mrs. Buyer emails HSS1 to get an update to ensure that the loan is on track to close November 28th.  She receives no response.
    • HSS1 claims later to Mr. Buyer that she has not had time to review the documents submitted and schedules a time to speak the next day.
  • November 16
    • HSS1 tells Mr. Buyer she will have to call back an hour after our call was scheduled, but ignores all communication until November 22.
  • November 21
    • The closing attorney complains about receiving no response from Bank of America.
    • Mrs. Buyer requests that HSS1 respond to the closing attorney by COB.
    • Meanwhile, RSM email began to bounce.  SMLO confirms that RSM has left the company.
  • November 22
    • Realtor contacts HSS1 to find out she never ordered the title.  HSS1 informs her that she did order the title but it was from the wrong company due to the fact that the buyer requested a special title company. This is a false claim as Mr. & Mrs. Buyer had no contact with HSS1 about the home title.
    • Closing attorney informs Mr. & Mrs. Buyer that Bank of America has yet to respond to their multiple attempts at communication.
  • November 23
    • HSS1 states that she will call closing attorney’s office regarding the home title.
    • It is revealed that November 25 is HSS1’s last day at Bank of America.
  • November 25
    • HSS1 quits Bank of America with no communication as to next steps with Mr. & Mrs. Buyer. Mr. & Mrs. Buyer’s loan was not passed to another employee.
  • November 28
    • Mr. Buyer reaches out to SMLO to ask if someone else has been assigned to the loan.
    • SMLO states she has emailed her manager but has heard nothing back and will email everyone again.
  • November 29
    • Mr. Buyer emails SMLO again to determine who or what the loan is waiting on.
    • The seller requests BofA to give an explanation for the delays. No response.
    • Realtor is informed that Seller “will not continue to extend the closing date without charging a per diem even though it is clearly not the buyer’s fault.”
    • New Home Services Specialist (HSS2) makes contact with Mr. & Mrs. Buyer, requesting 48 hours to review loan documents previously submitted to HSS1. It is revealed that no progress has been made on the loan since November 11 – no documents have been forwarded to the underwriter.
  • November 30
    • Mr. Buyer pays for a full year of home owner’s insurance even though other conditions had not been approved to move the process along.
  • December 1
    • Mr. Buyer requests BofA give an explanation for the delays and a request for confirmation that they will be covering per diem expenses if occurred. No response.
    • Bank of America sends a generic letter asking the seller to extend the closing date to December 16, instead of providing Seller/Mr. & Mrs. Buyer an explanation of why the loan has yet to close.
    • HSS2 informs Mr. Buyer that HSS1 never verified past residences and employers and that she’ll be sending out forms for previous landlords and employers to fill out and return before she will send the loan package to the underwriter.
  • December 2
    • Mr. and Mrs. Buyer send formal amendment to Seller, asking that the closing be extended to December 16.
    • Seller signs back the amendment, requesting that the loan be closed by December 9, stating that if the transaction doesn’t close, the seller shall impose a per diem on the buyer for every day after the day of closing.
    • Mr. and Mrs. Buyer inform SMLO of the new amendment, requesting that BofA commit to paying any per diem costs due to the fact that the delays have been due to loan processing negligence.
    • SMLO only replies not to sign the amendment, stating that the per diem isn’t explained on the amendment.
    • Mr. and Mrs. Buyer request from the Realtor an explanation from the Seller as to the amount of the per diem.
  • December 5
    • Mrs. Buyer reaches out to Realtor, requesting information on the amount of the per diem before the amendment is signed.  No update from the Seller is available.
  • December 6
    • Mrs. Buyer reaches out again to Realtor, requesting information on the per diem from the seller.  No update is available.
    • Mr. and Mrs. Buyer follow up personally with past landlords and employers to learn that three employers claim they have never received verification of employment documents HSS2 claimed to send on December 2.
    • HSS2 states that she has not received documentation from Mrs. Buyer’s current employer, and when sent confirmation that the employer had, in fact, faxed in the verification nearly 24 hours before – HSS2 realizes she, in fact, had the verification.
    • Mr. and Mrs. Buyer personally ensure all documents are in to Bank of America by 5pm.
  • December 7
    • Still no word from seller about an explanation about the per diem amount.
    • Receive automatic reply email from SMLO, stating that she’s out of the office on Jury Duty.
    • HSS2 claims that she needs 24-48 hours to review the verification forms.
    • Mrs. Buyer appeals to HSS2 to review the 5 new documents as soon as possible, noting that she has had since November 29 to review all of the documents.
    • HSS2 claims that she will still need 24 hours to review the file.
    • Despite calls for updates by Mr. and Mrs. Buyer, HSS2 does not reply until the evening – after close of business – of December 9.
  • December 8
    • Seller returns revised amendment “All parties agree that this transaction shall be closed on or before Friday, December 9, 2011, to accommodate the lender’s request for additional processing time.  If transaction does not close by 12/9/11, Buyer shall pay to [Seller] a charge of 1.5% of selling price per month, prorated on a per diem basis, for every day Buyer fails to meet closing date.”
    • Mr. and Mrs. Buyer send an email to SMLO, HSS2, and HSS2’s supervisor, requesting confirmation that BofA will cover the per diem, attaching the terms of the amendment, due to BofA’s delays and negligence.  Mr. and Mrs. Buyer requested a response on this matter by 5pm on December 9th.
    • SMLO replies to Mr. Buyer’s email, stating that she would escalate the request to her manager.  No reply was ever provided after that by SMLO or her manager.
  • December 9
    • Mr. Buyer leaves voicemails with HSS2 twice, SMLO once – who was still out on Jury Duty, so Mr. Buyer also called the number she left to call another BofA staff person, requesting a response on BofA paying the per diem.  No calls were returned.
    • HSS2 informs Mr. Buyer that documents will be sent to the underwriter, but then notices that no one ever sent verification documents to the contractor, which should have been taken care of in October.  This is the first time this has been mentioned to Mr. Buyer.  She states that she’ll attempt to get that form on Monday, December 12 before the underwriter picks up the loan package.
    • Mr. and Mrs. Buyer are not confident that HSS2 will keep this deadline, due to requests for action or additional information taking multiple business days and due to the uncertainty of how long it will take for the contractor to turn around the form.
  • December 12
    • HSS2 confirms that paperwork needed from the contractor has been received.
    • Mr. Buyer confirms that HSS2 needs nothing else to send the documents to underwriting.  HSS2 replies “Not at this time. Thanks,”
    • Mrs. Buyer gets a reply from Bank of America Social Media Services in response to her request to intervene in the delays on the loan and for Bank of America to pay the per diem.  Bank representative states that she’ll be in touch in 24-48 hours with an update.
    • Mrs. Buyer still hasn’t heard anything from SMLO on the per diem, and sends an email at 3pm asking for an update.  Email is replied to with an automatic response stating that SMLO is still on Jury Duty.
    • SMLO replies to email, informing Mrs. Buyer that the request was escalated and that she’d check back in the next day.  Mr. Buyer replied to the email, requesting the name and contact information of the person making the decision, given that we could not tolerate any more delays at since SMLO is still in jury duty.
    • SMLO calls Mr. Buyer to inform him that she’ll be speaking with someone about the per diem that evening at 6:30. She also lamented the struggles we’ve had, stating that she had been emailing HSS2’s supervisor, demanding that something be done.
    • SMLO emails Mr. and Mrs. Buyer at 10:40pm, stating that we would be speaking with someone about the per diem before the end of the business day on December 13.
    • HSS2 emails to say that the loan package is back from the underwriter, and that they are requesting a copy of the home inspector’s report and then states that her system is down and she cannot access any more information on what else Mr. & Mrs. Buyer might need to turn in.  Mr. Buyer replies with the report.  HSS2 then requests the email of the home inspector.  Mr. Buyer replies with the email.
  • December 13
    • Bank of America Social Media representative contacts Mrs. Buyer, confirming that HSS2 called us with an update on December 12.  Bank of America Social Media representative also confirms that she spoke with the person making the decision about the per diem, and says although they haven’t made the final decision yet, that she thinks our chances are “promising.”  Mrs. Buyer thanks Bank of America Social Media representative for taking initiative to move our case forward.  Bank of America Social Media representatives states that our blog helped in the process.
    • HSS2 requests a copy of the relocation agreement between the original owner and the relocation company that now owns the home.  Closing attorney’s office provides requested documentation to HSS2.
    • Mr. Buyer does speaks with a reporters from Atlanta Journal Constitution and CNN Radio.
    • HSS2 requests a copy of the full inspection report.  Mr. Buyer contacts home inspector to confirm that the entire inspection has been sent and updates HSS2.  HSS2 later states that she is still waiting for confirmation from the home inspector.  Mr. Buyer emails HSS2 with his phone number, as he is more responsive to phone calls than emails.
    • Close of business passes without hearing any confirmation on the per diem.  Mrs. Buyer leaves a message with Social Media representative and emails SMLO with an update. Mr. Buyer receives a call from SMLO, stating that someone from the Office of the President was supposed to contact us today.  SMLO stated that her manager was told not to call us, for fear that with too many people speaking to us – we may get confused. Mr. & Mrs. Buyer informed her that the Social Media person spoke with the SMLO manager, and that we were to speak with him by 5pm today.  SMLO called her manager, left a voicemail, and called Mr. Buyer back stating that she may be in contact with us later with an answer if she hears from him.
    • Meanwhile, Mr. & Mrs. Buyer check closeourloan@gmail.com to find a message from a Customer Advocate from the Office of the CEO and President of Bank of America (sent at 12pm 12/13/11) asking for us to contact her about our “mortgage-related inquiry.”  Mrs. Buyer called the number listed in the email, and provided information to her about our requests.  The Customer Advocate seemed unaware that someone from the Social Media Services team had contacted me – and wanted to know when we last spoke.  She said that she would be doing some investigating and give me a call back.  Mr. & Mrs. Buyer are puzzled by this latest development and Googled her name right after the call to make sure they didn’t give their loan number and contact numbers to a scam artist.
    • 7:30pm – Mr. Buyer receives a call from the individual to whom SMLO escalated the request on December 8th. He noted that Bank of America could cover a portion of some of the charges, but he would need more information on the cost of the per diem. Mr. Buyer emails the amendment outlining the per diem charges and repeating the original request for Bank of America to cover the full per diem costs due to the delays outlined in this timeline.
  • December 14
    • As of 11:30am, no reply concerning the per diem.
    • Mr. Buyer emails all parties involved to get an update as to where the loan stands at this time.  Nothing received as of 11:30am from HSS2.
    • Bank of America Social Media representative called Mrs. Buyer to say that she believes that there was an internal miscommunication regarding who was going to contact us regarding the decision on the per diem, which led to Mr. & Mrs. Buyer not hearing a decision on the per diem on Dec. 13th.  Mrs. Buyer updated the representative, informing her that we are seeking full coverage of the per diem due the the delays not being our fault – and given that we’re going out of town for Christmas – this cannot wait another day.  Bank of America rep said that she would be contacting the per diem contact as well as HSS2’s supervisor and calling Mrs. Buyer back with an update.
    • Mr. Buyer checks the email at closeourloan@gmail.com – discovering that Jim Strickland, Channel 2 Action News Consumer Investigator (WSB-TV Atlanta) would like to interview us on the story. Mr. Buyer calls Mr. Strickland, setting up an interview for December 15 @ 10:30am.
    • Mr. Buyer has a conversation with a producer from Clark Howard.
    • Mrs. Buyer receives a call from the Consumer Advocate at the Office of the President and CEO and brings her up to speed on the latest events.  She is informed that we have received no decision regarding the per diem, and when she states that the individual making that decision mentioned that he’d cover a portion of the expenses, Mrs. Buyer informs her that this is unacceptable and that she is requesting 100% coverage of the per diem due to the charge originating from Bank of America delays – not due to the actions of Mr. & Mrs. Buyer.
    • Mrs. Buyer receives an update from HSS2’s team and the Closing Attorney’s office.  Closing Attorney’s office sends an update that “I just received the GFE to prepare the preliminary HUD which I have to hand over to a closer.” (Mr. & Mrs. Buyer wish that the loan/mortgage world would speak in terms that Mr. & Mrs. Buyer understand… nevertheless, it seems like action, so Mr. & Mrs. Buyer are pleased.)
    • Mrs. Buyer receives a call from the Social Media Services team — stating that due to the fact that this is a request now being handled by the Office of the CEO and President of Bank of America, she has handed over the case to them, and this will be the last time that we speak.  Mrs. Buyer conveys her disappointment with this development, given that Social Media Services team seems to be more informed on the issue than the contact at the Office of the CEO and the President but is happy to move forward with any action that closes the loan by the deadline.  Mrs. Buyer really appreciates the contact from the Social Media Services team — and plans to reach out to her again if necessary.
    • Realtor calls Mr. & Mrs. Buyer, stating that the closing attorney has a GFE (Good Faith Estimate) that shows our total loan amount as the purchase amount of the house.  In that 203k loans include the purchase price + price for renovations (which go into an escrow account to pay the contractors) — the Closing Attorney is reading the GFE as if they are selling the house for the value of the home, and not the agreed upon sales price.  Mrs. Buyer reaches out to HSS2 and her supervisor as well as the contact at the Office of the CEO and President to resolve the matter.
    • HSS2 replies by sending the Closing Attorney’s office the Contract of Sale (way to go, HSS2!) and Mrs. Buyer replies to everyone, making sure this is sufficient documentation to move the process forward.
    • 5:40pm EST — Mr. Buyer gets a call from another individual at the Office of the CEO and President of Bank of America — stating that she will be our new contact (not the person we’ve previously spoken with from that office).  Mr. Buyer gives her a summary, refers her to this blog, and takes down her contact information.  She is now going to be investigating the loan.
    • Mr. Buyer is contacted by an individual regarding the per diem. Bank of America has been unwilling to commit to pay the full amount in the event that something happened with the home that extended the closing date further. Mr. Buyer and the Bank representative state that they will touch base on December 15th.  The Bank representative did state the they would cover the costs if the loan closed without any further delays not related to Bank of America.
  • December 15
    • Mr. and Mrs. Buyer conduct an on-camera interview with WSB-TV Atlanta.  Story will air the evening of December 15.
    • The revised HUD (again with the mortgage language) is sent from the closing attorney’s office to HSS2.  Mrs. Buyer sends a note to change the misspelling of Mr. and Mrs. Buyer’s first names.  Realtor asks if the closing has been scheduled.  Closing Attorney replies with a “no.”  Realtor suggests 2pm.  Closing attorney’s office says that only thing open is 4:30pm — and that she needs the loan package by 9am on December 16th in order to keep the 4:30 closing time.  Mrs. Buyer emails everyone to restate the 9am deadline, stating to HSS2 and her supervisor that Mrs. Buyer knows they’ll work to accomplish that deadline. Closing attorney’s office replies that the closing can happen as early at 4pm, but the 9am deadline is still solid.
    • Mr. Buyer is contacted by the reporter at AJC for an update.
    • Mr. Buyer has not been contacted by the NEW representative from the Office of the CEO and President of Bank of America since her first call last night to state that she was now investigating the loan.
    • Mr. Buyer connects with new representative, who states that everything is in the works for closing on December 16th.
    • WSBTV story airs during 6pm newscast.  AJC article online.
  • December 16 (CLOSING DATE?)
    • At 9:08am, Mrs. Buyer emails all parties to state that the Office of the CEO and  President of Bank of America has confirmed that Mr. & Mrs. Buyer will close the loan today. She notes that it is after 9am, and asks if the closing attorney has the loan package.
    • Meanwhile, Mr. Buyer hears from the individual signing off on the per diem that he has approved Bank of America’s coverage of the per diem (VICTORY!!) and that the closing attorney has everything they need.
    • Realtor makes sure that the closing is ready to go and gives instructions to Mr. and Mrs. Buyer about the possible need to wire the funds to the closing attorney’s office.  Mrs. Buyer let’s her know that Mr. & Mrs. Buyer are still fairly unclear on how much they will need to bring to closing and to advise them accordingly.
    • 2:00pm, Mr. Buyer wires the closes funds to the closing attorney’s office.
    • Mr. & Mrs. Buyer are interviewed by 11Alive News (Atlanta NBC affiliate)
    • 4:00pm — CLOSED THE LOAN. KEYS IN HAND. PER DIEM FEES PAID FOR BY BANK OF AMERICA.
    • Mr. Buyer is interviewed by the local Atlanta WABE radio (local NPR)
    • Mr. Buyer receives an email that was sent by ABC World News with Diane Sawyer (email was sent while Mr. & Mrs. Buyer were taking care of closing) asking for permission to use the video.  Mr. Buyer calls to give permission.

Bank of America still has not committed to paying per diem. If that commitment is not made, Mr. and Mrs. Buyer see no incentive for Bank of America to close the loan in a timely fashion, leaving Mr. and Mrs. Buyer will be charged a per diem with no closing in sight.

Steps left to close: Contractor W9 completion, Underwriting, Audit, Seller needs 48 to review HUD. Waiting to hear from Bank of America regarding what funds Mr. & Mrs. Buyer will need for the closing.

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13 thoughts on “The Details

  1. Hi
    Thank you for doing this!!! We are in a simular situation, but we started in June!!! Our 1st closing date was Aug. 31st. Now they are saying Dec 30th.Maybe now we might actually close!
    Jim and Claire Theriault
    trying to buy: 123 Phillips St. Hanson Ma

    • Claire — We hope you’re still on schedule for closing December 30th! We are really pleased with the response we received through this effort. If all else fails — we were helped by ^ek @BofA_Help — feel free to reference “^ek” in your tweet. We found her to be really helpful.

  2. I hate Bank of America, but got to speak the truth, a normal FHA loan should only take about 30 days. a FHA 203k REHABILITATION loan takes a loooooong time to get done because of it’s complexity. 60-days is reasonable for that type of transaction….thus 72 is a little long but not terribly so.

    • Brent — We certainly agree that the 203k is not the typical loan and certainly takes longer to process than the traditional FHA. If you check out the “Details” section of this blog, you’ll see that we found Bank of America failed to keep our loan process going while two different employees at two different times and locations ended their employment with Bank of America. Additionally, one of those employees misled us to believe that our file had been moved to underwriting, when, in fact, it had not been processed at all — resulting in additional time to process our loan. Thanks for your comment!

  3. I feel your pain! We had a similar situation with Wells Fargo on a repo/HUD home with special government incentives. Everyone we talked to said “oh no the government! All that red tape!”. But the government was great and was practically begging us to take the incentive money but the deal came soo close to falling through because of Wells Fargo feet dragging. We paid a big extension fee that wasn’t our fault and came to the day before the government was going to retake our offer and give it to someone else. But we got it!

    • Marc — Absolutely. We were told over and over that the 203k FHA was too complicated to touch because it’s a government program. We never had a problem turning things around required for the loan by FHA. All of the delays resulted from Bank of America’s mishandling of the loan process — and it’s failure to address those failures in a timely fashion. The program was perfect for us and perfect for this house — we weren’t willing to lose the deal simply because Bank of America’s right hand didn’t know what the left hand was doing.

      • We have only to guess that the bank put our loan at the lowest priority because it was such a small amount. ( the government/ special program was to pay off the other half the value of the home over three years ). But the government was VERY specific with the date and only permitted one 15 day extension. We came so close to losing the home over what we feel was Wells Fargos totally apathy.

      • I think the term apathy says it best. We simply were not going to lose this home because they couldn’t get their act together. I’ve never experienced such incompetence.

  4. Having written about the housing crisis for more than 3 years, I’ve received dozens of stories similar to or worse than yours. Some of the stories I received involved the incompetent handling of loan modification documents and which ultimately resulted in foreclosure. For many, the actions of BofA during the housing crisis have tarnished their reputation forever.

    • John, I think that is what has stunned us the most throughout this process. We’ve received emails about so many situations that are far worse than ours — and we simply cannot believe it. We thought we were an anomaly at best — and it turns out, our situation was more favorable than most. We simply had enough. Before this home, we were under contract for a short sale and waited 5 months on the bank (Wells Fargo) before finally leaving that home for this one. That experience certainly informed our reaction to this loan process. I think the comment Marc left says it best — the Bank was simply apathetic as to whether we kept this deal – or their business. It’s truly amazing.

  5. having been a Mortgage Loan Officer for over 12 years for various companies including Countrywide/BOA, I can tell you that this situation is VERY common. Actually after having read the entire timeline, I was actually surprised to see that you got it closed when you did. The FHA 203(k) is not a very complex loan persay, however, there just doesn’t seem to be a lender out there that has a real grasp on how to process and close one quickly and efficiently. Also, adding insult to injury, BOA and other large banks have complicated their mortgage loan processes and systems to where there are literally a dozen people and/or departments handling one loan. You obviously experienced the fact that if one of those people drop the ball or resign, there are no fail safes in place to continue to move that loan and it falls into limbo. These large banks just cannot get out of their own way period. That is why after a little over a year with that Countrywide branch (which was in transition to becoming a BOA branch), I resigned and went back to being a broker. I now originate and process my own loans which allows me to have almost complete control over the process. I regularly get loans closed within 30 days ( not necessarliy a 203(k). I just think that due to the fact that it was a 203(k) AND knowing what I do about the banks’ processes, I feel you came out relatively well. Your video was FANTASTIC and I applaud your creative approach to getting BOA to MOVE THEIR BUTTS! Congrats on the house wish you all the best!

  6. We started our loan process with Bank of America on May 5th and we are still not closed on November 7th. We need help they have come up with every excuse in the book. I swear they do not want us to close our loan. We got put through to the 2nd part of the underwriter and it got kicked back that something was not done right! You would think with how many loans they process the underwriters should have an easy job! I have done everything they have asked in a very TIMELY manner and we can not get them to close our loan! We do not know what else to do….can anyone help?

  7. We are going thru the same thing with Bank of America, our mortgage for our home is thru them, we refinanced thru them, now we found a great deal on a 2nd home we want and thought this would go quickly. 20% down no problem, poof of the funds etc, they have been nitpicking our credit report….my score 745? wife had a dr bill that the insurance didn’t pay, we never got a bill from the hospital, collection on her credit report. We pay the 852.00 explain the problem. etc, now they are going over our previous address’s that are on the credit report. Another letter sent, we moved 3 times in 42 years, you didn’t ask us this stupid question the last two times we financed thru you! This has been the most frustrating experience for buying anything we have ever gone thru. I am about ready to remove cash from our IRA and just pay for the home, this Bank of America underwriting pressure is not worth it. Bank statements have been under a microscope for 2 months! At least 26 letters of explanation have been sent to them. Example what was this withdraw for $750.00…..Answer we went on Vacation and didn’t want to use a debit card or credit card because of all the fraud etc…..not good enough for them. What The Heck is going on.

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