Bank of America Mortgage Reviews

I have been trying to reach a human in the Lien Release Dept. I was told they don't have phones. I was given a phone number to call but it doesn't take me to that Department. I had to result in contacting the CFPB to hopefully get some sort of resolution.

BOA wasted our time & effort in trying to get a HELOC, by requesting hundreds of pages of documents sent to them, and many were irrelevant. Then they wanted more papers, and then still more. They were never satisfied. We Finally gave up, when we realized they never intended to give us a HELOC, in the first place. Being out of debt, with a good income, & 820 credit score didn't matter to them. Maybe they only want all your information. Don't let them waste your time, & steal your info.

I applied for a home-equity line of credit in late January, and after 3 1/2 months of providing documentation, pay slips, explanations, tax returns, corporate information, and ALL of my personal information, …. I was told that my loan was denied! 3 1/2 months!!! Could somebody have made a decision earlier? They certainly dropped the ball and nobody was man or woman enough to apologize. They said they were trying, that was not true. They are liars, inexperienced, and even discriminatory. This happened at the Coral Gables, Florida branch. I actually worked at Nations Bank 30 years ago and I know the banking system well. What they did to me was outright harassing, and I am an educated professional with over 40 years experience. SHAME ON BOFA!

I applied for a HELOC on 5/12/2023 (application completed and email with facts sent to BOA Processing POC on this date). Processing did everything they could to get me to closing by 6/23/2023.. Underwriting, however did not do their job. I applied for a HELOC to use funds to purchase an investment property and I identified this in my application and my email dated 5/12/2023. I spent hours providing BOA all documents in a rush thinking that BOA would do their due diligence and preliminary review the documents. Underwriting came back 2 1/2 weeks ago and said BOA can only loan me ** not **K, no problem I said. Based on this requirement I sold stocks to make up the 20K difference, On Wed June 21, BOA asked for the following info: Outstanding loan info (provided already 5/24), proof property I previously owned had been sold 2 years ago (settlement sheet provided with BOA deposit of profit).

X2 Modification, Improperly crediting processing monthly payments. Took 6 weeks payment. Went into unapplied. Refuse to fix errors override, reverse credit. Not disclosing balance on escrow. Each month escrow statements miss payments.

I wish I could say my experience was good but it was not. I started the process March 8, 2023. Told the loan agent I had a hard close date of April 21st - today is April 17th and I was out in a loan I didn't qualify for - when I asked to expedite the application on 4/13 because I was one week away from needing to close was told I wasn't the their only customer. I was told my closing costs were going to $1900 and budgeted around it. On April 17th at 10:21 PM I received an email stating was told I needed $6608.00 liquid assets in my account the next morning as the VP told his team not to review my file until the entire $6608 was in my account.

Applying for a HELOC was supposed to be simple and fast. (They said.) Instead it took weeks to compile the needed information, they kept on asking for more, and then they used a outmoded formula to calculate your income which came out to be $8000 less than my actual monthly income. When questioned "how'd you get to their figure" they used a formula that to have equaled my monthly income I would have had to have a $3,600,000 "nest egg" to qualify for a $100.000 home equity loan, on a home "they say" has currently $300,000 in equity!!! Absolutely Absurd and Not Worth Your While!!!

My husband and I applied for A HELOC loan in the late part of October. It is now February going on March. Every other day they need something else, or they can't use this or they need signatures over and over again. Started with one really nice person and he left now. I'm with someone that clearly has an attitude problem. Her manager assured me that we just needed to send one more item. Sent it. Guess what? Now there are three more items. Sent that and guess what? It needs to be sent in different. OMG this place is a joke. Thank God it's only a HELOC and not a first mortgage or we would have lost any home we tried to purchase. They need to get their act together. Even the in house mortgage broker said they are a joke. I would never begin a mortgage with them again.

Been with BOA for over 20 years and recently had a problem with my escrow on my loan, tried calling the 800 number and what a joke, took me over an hour to get a person 'cause whoever they transferred me to kept saying, "Sorry you need ** department," and brought me back to the phone tree. I finally got to talk to someone even thought they were not in the Escrow Department. Took my information about my problem and said they would do one thing to fix the posting but did the total opposite and totally messed up my payment postings on my loan. I couldn't talk to anyone again so I messaged them via online banking, took days for them to answer and still didn't help me with my problem. I messaged about 6 times but took them two months to fix the posting on my loan and I still think it is incorrect. I am refinancing/closing in a couple weeks to payoff my 3 loans with them. No longer want them anymore!!! Take my advice, DO NOT OPEN any type of account with BOA.

Do NOT use Bank of America for your home loan. Incompetent, dishonest, ageist, and nefarious are just a few of the adjectives that come to mind when thinking of my family's experience with Bank of America. My parents, both in their 70s, and I attempted to apply for a new home loan. For three months we were given the run around, lied to, kept in the dark, and given incorrect information. Bank of America cost us thousands of dollars and a mountain of undue stress. When concerns were brought to the attention of the Vice President, my parents were patronized and dismissed.