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They are very responsive. Send useful updates monthly and offer changes that may be helpful. Due to my circumstances I have not taken these suggestions, but had I been younger I would have. They post when our payment was received. They give alerts of an upcoming payment is due. Overall they are helpful.
I just recently bought a house under Bank of America home loan program. My loan officer was Kevin **. I have to say that the service Kevin and his team provided was excellent. They were able to close my loan on time. Communication with anyone on the team was superb. In the end, the closing costs were very close to the estimated ones. There was no surprise at the end. Kevin also gave me very good interest rate. Loan review with Underwriters was a bit annoying and hectic but I guess it is the same across the board. Obviously, Kevin and his team helped me every step of the way. Communication with Kevin and loan processor, Karlee ** was very good. Anytime I would have question for them, I would just email them to give me a call at their earliest convenience. They would give me a call back promptly within an hour or 2 at most. I would recommend any of my friends Bank of America home loan especially Kevin ** and his team.
I have been with Bank Of America mortgage for well over 20 years on more than one house. Their customer service and mortgage loan experience is awesome. I haven’t had any complaints in all the years I been with them. They always friendly service and always came through when needed for mortgage lending. Their customer service and website app is awesome.
For years I dissuaded my clients from using the big banks for home loans, especially Bank of America because of outsourcing underwriting, poor communication and never closing on time. I recently had a client who insisted upon using Bank of America, much to my dread. I was amazingly surprised. Brian ** - major, the loan officer with Bank of America in Rockwall, TX did a fantastic job. It was pain-free and the deal closed EARLY! I was shocked. I cannot say how other branches or loan officers would do, but Brian made it happen and even came to closing.
Have been a customer of BOA for more than 20 years, and lived in several places. They have taken care of us, and given options for our current needs. Can tell when you reach trainees, but they have all been polite and will continue to follow up to resolve conflicts. Feel confident with them.
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Bank of America has been the worst bank I have even encountered. They pre-approved a client of mines for an amount she didn't qualify for, setting up the client for failure, and losing her deposit. The loan officer who was handling the file pre-approved my client for an amount based on her tax returns and pay statements. She put in an offer, got her offer accepted and went through all the process. Paid for a home inspection, they made her order an appraisal and also made her get an insurance binder for the property. Everything was going smooth until it was a couple of weeks before closing. Then the nightmare and games started. They kept delaying everything, my client and myself was trying to call and email the loan officer daily. He started ignoring everyone and would not provide a concrete answer.
My client then reached out to the loan processor who kept giving my client a bunch of excuses. She even said once that the underwriter called out sick and that they won't be able to give my client an answer for a few more days. It's ludicrous that a big bank like BofA has only one underwriter handling all the files. They made my client run around getting paper work that the loan officer never sent to the loan processor. When she sent in the paper work then underwriters would say they can't accept it. My client is an independent contractor and has no employer who could verify her employment and income. I would imagine that a bank would use common sense and look at the tax returns, pay statements to verify a customers employment.
It got to the point that the seller of the house refused to sign any extensions because BofA was always taking forever to reply back and give us a concrete answer. We informed them that the house went back on the market and that we were way behind on the deadlines. They didn't care at all, instead of expediting the file they just kept on adding days, weeks of delays. My client sent them a letter they requested and the loan officer told my client it would take up to 5 days to review the letter. Absolutely ridiculous, why would it take 5 days to review a letter? Knowing that the file was way behind.
It got to the point that my client started requesting something, either a commitment letter of a letter of denial. The loan processor kept ignoring her request and kept on asking for more paperwork which my client had already sent to them. It's almost like they figured they made a mistake and they were trying to stall things and find a way to deny the loan.
After almost 3 weeks they finally decided to deny the loan saying that my client had too much debt which she does not and that they could not verify her income, which was all on paper on her tax returns. My client is so stressed out from this ordeal that she has given up the idea of buying a home and also faces loosing her deposit due to BofA's mistake. I would not wish this type of thing to happen to anyone, thus I would suggest anyone who's thinking about buying a home to stay away from BofA. They will make your life a misery. They are a big corporation which does not care if you end up getting screwed at the end. Try to get pre-approved from lenders which deals with mortgages only, stay away from BofA. They are the worst.
Our BofA broker promised we would not be required to have an escrow account on our new mortgage, but two days before closing we saw escalated closing costs related to an escrow account on the closing statement. They wanted months worth of escrow funds to be included at closing that we hadn't planned for, and almost lost us the house. Now four years later we have sold that house and are still waiting weeks after closing for our over $1,700 escrow refund. When we call they say they need time to verify the payoff check clears. Had to tell them they were paid with a wire! How did they not know that?! Lies, continuous lies. Please save yourself the trouble and go elsewhere for your mortgage needs.
Our experience was so horrible with Bank of America that we are looking to refinance our recently closed loan with a different lender. We mistakenly trusted a loan officer at our local branch when she assured us 6 weeks was more than enough time to process our home loan. Needless to say, we did not close on the required date. Bank of America dragged their feet making it an excruciatingly long process. It took 2 weeks before they opened our file for the initial review. I figured with being BofA customers for nearly 20 years, having excellent credit and putting a substantial amount down, that it should be pretty straightforward. Most definitely not! We had to jump through so many hoops with their endless requirements. Our loan officer was helpful and responsive up until we desperately needed her.
The week prior to our expected closing date (and only having a conditional approval at this time) we noticed our street name was incorrectly submitted by the builder. With most lenders, this correction would have been fairly simple. However, when you're working with a big bank, with entirely too many people involved, it apparently takes numerous emails, phone calls, and a week to resolve. To make matters worse, our loan officer was apparently too busy with other clients to help us during the moments we truly needed her. In an effort to speed up the process, we resorted to contacting the loan processing dept directly, the contracted appraisal company, the 3rd party BofA appraisal co, and also tried to involve our loan officer's manager (who has yet to reply to any of our emails).
With the home being in a different state, we incurred additional costs with hotels and the moving company as a result if BofA not being able to get their act together. What should have been a very exciting time for my husband and I with the purchase of a new home was definitely overshadowed by the unnecessary delays caused by Bank of America. We finally closed on the loan, but are having serious second thoughts about continuing to do business with a bank who does not place enough importance on servicing their customers. We would much rather take our business elsewhere.
I have recently started processing a mortgage loan with Bank of America hoping that it is a big institution and trustworthy as advertised. I was given the lowest interest rate and I agreed to locked the interest rate. However, BOfA keeps giving different reasons and saying their system is not able to generate the approval so they can't grant the loan at this time. I only have 10 days left for closing but they did not fix their system nor deny the loan. They even suggested to go try with some other institution when they know that the interest rate has gone high and no one can close in 10 days. Please save your precious time by NOT trusting Bank of America.
I have a lot of experience with mortgages, I have rental property and have financed or refinanced 10 different times in the past 12 years. I thought I would try BofA since I do a lot of business with them, BIG MISTAKE. My credit score is 740+ , the Loan to Value was 50%, but none of that matters, they put me through hell. After sending in the required documents, I got a request for something else, then a few days later for something else, then went on and on. I can tell you with a broker they go over everything, tell you what will be needed and normally that it.
The person you work with at BofA is an order taker, (I guess you could call them salesperson), they don't care after they get the process started. They will reply to any emails with a canned response "I am so sorry you are unhappy with the process", etc etc. I said upfront I had 5 weeks to get the loan finalized because of summer travel, no problem. Well no problem until 5 weeks, they they would say "We have your close date as July 23." It should have closed in June, July 23 was only the date for the lock to expire. I would RUN AWAY from Bank of America Mortgage. I am considering closing all of my accounts because of the absolutely horrible way they treat customers.
Bank of America Mortgages Company Information
- Company Name:
- Bank of America
- Company Type:
- Ticker Symbol:
- Year Founded:
- 100 North Tryon St
- Postal Code:
- United States
- (800) 432-1000