Bank of America customer service, Not short sale related but relevant!
I am the listing agent on a Bank of America REO property. We went under contract and as always, Bank of America counter offers so that the closing date is extended out at least 45 days, I guess that gives them time to get it closed without needing extensions.
Bank of America REO requires buyer to apply with BofA or approved lender but does not require them to use BofA. This buyer decides that it will be easier to use BofA to finance the loan since BofA is also the seller, seems like a no brainer but wait, we are talking about Bank of America.
Fast forward, closing scheduled for 12/28/10, next Tuesday. Last week, title company asks loan officer to please forward closing instructions by 12/22/10 since all conditions are cleared and because of the upcoming Holiday, we will lose a few days. NO RESPONSE AT ALL FROM LOAN OFFICER, not a return email, not a return phone call, NOTHING.
Buyers have been emailing, buyers agent has been calling and emailing, Loan officer is reading the emails but NOT RESPONDING.
I email the loan officer yesterday for a status of the closing instructions, she reads it immediately but NEVER RESPONDS! Today I send a new email and guess what? I get an autoresponder stating that she is out of the office until Monday and that she will return calls and emails then. What in the heck is she thinking? We have a closing next week and she goes on vacation without telling ANYONE, including her customer.
Does anyone here use Bank of America for financing their buyers? It sure does not look like they really care about recouping some of their REO losses with fresh, qualified buyers.
Replies to This Discussion
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Permalink Reply by Jimmy Williams on
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Jeff,
Your situtation sounds just like a REO sale that I had back in September. Once the loan was approved the file was transfered to the underwriting department. Then to the closer. The title agent should have a contact with the closing department to get the closing instructions. I would say that the LO is reading the e-mail and then forwarding to the underwriting/closing department. (Just an assumption). And the underwriting/closing department is not answering the e-mails.
From my past experience, BOA is no different from all the other large national/regional banks. I always suggest to a buyer to contact a local mortgage broker/lender with mortgage experience. Of course it is ultimately up to the buyer to select who they are most comfortable working with.
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Permalink Reply by Susan Neal on
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Call the main number for the office of that loan officer and ask to speak with that LO's assistant. The asst for the BofA LO I use is just as knowledgeable and competent as the LO, and I can often get a quicker response from her.
There is most likely someone working on the files while your LO is out of the office.
Good luck! -
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Permalink Reply by Jeff Payne on
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Here is an update, no one can find the loan officer and no one can find the loan in the system. Loan officer is on vacation and will not return any calls or emails. No closing package as of today :( So sad the customer service that we see today.
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Permalink Reply by Jim Schneider on
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this is very similar to my experience with my own REO listings when they require a pre-qual from a particular loan officer, and then the guy took three weeks to issue a pre-qual letter. My only leverage was to call the REO company and tell them how bad the service was and that we were loosing out on deals. They eventually dropped the pre-qual requirement. In your situation you might want to ask BofA's REO dept to get someone off there duff over on the loan origination side.
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Jim, that is what we are doing now. There is no accountability with out of town lenders and it really ticks me off. If this was a local lender I would be parked in their office. I have the asset manager reaching out to BofA....
Jim Schneider said:this is very similar to my experience with my own REO listings when they require a pre-qual from a particular loan officer, and then the guy took three weeks to issue a pre-qual letter. My only leverage was to call the REO company and tell them how bad the service was and that we were loosing out on deals. They eventually dropped the pre-qual requirement. In your situation you might want to ask BofA's REO dept to get someone off there duff over on the loan origination side. -
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Permalink Reply by Albert Clark on
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BofA loan officers are the worst. The reason they do not reply or take any initiative is due to them not having any skin in the game. The deal doesn't close, oh well, they still get paid. I've had a similar experience with a BofA loan rep here in Seattle. Ultimately told me he didn't have to explain to me why they were 3 weeks late on docs. The buyer had to find a new mortgage broker who closed it in 3 weeks.
It is sad that they are that way. I've just taken a mental note that I will not take a deal from a buyer who is using Bank of America. No exceptions. They will kill your deal and continue to give our industry a bad name.
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Permalink Reply by Jan Hurren on
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I would seriously consider getting another loan in place asap with a lender you have confidence in.
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Wish I could but it is not my buyer, I am on the seller side
Jan Hurren said:I would seriously consider getting another loan in place asap with a lender you have confidence in. -
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I was on the seller side as well. If the buyers agent is as frustrated as you are, they will use a new lender...your lender.
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Permalink Reply by Laura Marshall on
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I had one like this too...darn! My buyer used B of A. (800+ FICO - 24 years on the same job - 1 car payment of $300). Once it left the loan officer, it sat with the underwriter for weeks, and no one seemed to be able to put pressure on the underwriter. We were closing late, of course. Here's the best part....at funding...it was pulled back. Apparently they reviewed the appraisal and saw a note of "A" leaking sprinkler in the back yard (1 acre property - 1 leaking sprinkler). The sprinkler had to be fixed, then the appraiser had to re-verify. Good grief....that took another week! The entire process took about 2 1/2 months.
Jeff Payne said:Wish I could but it is not my buyer, I am on the seller side
Jan Hurren said:I would seriously consider getting another loan in place asap with a lender you have confidence in. -
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Permalink Reply by Rosalinda Hernandez on
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I have someone who can help you with that problem, you can email him at
[email protected] His first name is Alan
I am sure he can help or point you in the right direction
Good Luck
Rosalinda Hernandez
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Permalink Reply by Michael Ackerman, CRS, SFR, on
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Jeff,
Great post... As I'm embroiled in short sales I'm seeing a correlation to customer service.
JP Morgan Chase is on top of my FAVORITES LIST. I'm a raving fan and am encouraging my buyers to talk with a loan rep at Chase. Same is true with Wells Fargo Bank and Suntrust Mortgage. BofA is on the bottom of my list though. You may be in love with Equator - but I'm not. It mimics their customer service experience.
Most recently they dropped a file as I was handed the transaction as the agent left the business. All had to be re-entered when I became the listing agent. Now the latest is that the current negotiator has transferred my file to BofA's "High Touch Division" and I just can't wait unitl December 27th when the new negotiator gets back behind the desk to find out what that means... (the Star War's Imperial Death March hummed in the background.)
Happy Holidays to you!
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