My Virtual Log Book

I have to share my terrible experience in trying to get a refinance done with Bank of America. I am already a BofA customer (though their acquisition of Countrywide) so I thought I would give them the first shot in doing the refi.

At first everything seemed fine, a quick approval and rate lock over the phone for a very good rate (this was April 2009 so actually the historic low for rates. Then the problems started. Weeks and then months started to go by and dozens of phone calls and emails were unanswered about my loan status. I could occasionally get in touch with the loan originator and he always assured me that my loan was proceeding fine.

Now after three months go by I finally hear that they have not been able to move ahead becuase they can’t move ahead without an appraisal. Which is fine, except they never called me to tell me I needed an appraisal. I am, of course, fine with an appraisal and it get completed in about a week with a loan to value of 30% (which is a slam dunk good deal for the bank.)

Now my file gets moved to underwriting, and they want some copies of W-2s. No problem - they have the exact same income I indicated when I initially got approved for the loan., I go ahead and send them over the same day. A week or so goes by and then I get a letter in the mail saying that they couldn’t verify my income. Huh? The W-2s verified my income. I get in touch with the loan processor, who says she can’t do anything. I attempt via phone and email to get in touch with her supervisor, who never calls me back.

Bank of America ends up wasting 6 months of my time and rejecting my loan for no reason, except probably the fact that they didn’t want to honor my rate lock of 4.375%.

Whatever you do - Don’t use Bank of America. They will waste you time. They will ignore your emails and phone calls. They have no idea what they are doing. They will lie to you and in the end they will reneg on their rate lock and not even have the courtesy or professionalism to call you.

Filed under: Credit, Finance, Mortgage, Personal Finance