About Bank of America Mortgage
Bank of America offers mortgage loans nationwide and has lending specialists available online and at branch locations. If you’re searching for a mortgage loan, loan refinancing or a home equity loan, visit Bank of America’s website to apply.
Overall Satisfaction Rating
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- Loan specialists online or in-store
- Multiple loan types available
- Adjustable rates as low as 2.6%
- Best rates only for top credit scores
Bank of America is one of the three largest banks in the U.S. It provides mortgage loans, loan refinancing and home equity loans for consumers in every state.
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I have a mortgage with BoA and I recently took advantage of the postponement program they were offering to people who are having a hard time during this pandemic. 3 months of payments postponed which was great, but do not do this. They sent me a letter stating my three months were up and if I needed any more assistance. With some good luck, I was able to secure a new job and didn't need assistance anymore.
The letter said, "if you don't need any more assistance, please start making payments by August 15th to bring your account current." Made my payment on August 4th, they debited it from my BoA checking account without delay. Made another payment in September and they still haven't applied both payments to my account. I've called multiple times and I get the same answer. My customer relations manager at BoA, Robert ** told me there is a system issue and that's why the funds haven't applied. He admitted this on the phone to me with all the other representatives.
I was supposed to have a nice big wedding this year, but that got cancelled because of covid. Did a small ceremony at home. Trying to buy a home with my wife and the new mortgage company says the system says I'm late on my payments. I am not! I have the statements showing I paid. BoA wouldn't even issue a letter stating my account is current. The manager declined because they don't want to admit fault.
Now in order to get the house of our dreams, I have to be excluded from the loan and my father in law has to co sign for us to get this house. Absolutely ridiculous! This is the type of service a big corporation gives its loyal customers. They can't even fix this mess in a timely manner and they don't have the decency to admit it in writing because they know they will be sued. Do not use them. I am leaving them as soon as I can get out of this loan.
We were with B of A for some time and asked for refinance at the much lower rates many were refinancing on. They started the process. Week after week we checked back they said our lower rate was almost finished, come to find out, they sold our mortgage out of state, to a lender with high rate and didn't let you use your house equity to upgrade the home. Terrible experience.
CITI electronic payment not applied -BofA could't find $$$. I made an electronic bill payment to my Bank Of America account from CITI bill pay. CITI removed the dollars from my account when they had a clear receipt that BofA cleared the funds. I entered my checking on the BofA account code. The BofA never applied the payment to my account. I called Bank Of America and they said that they don't know where the dollars went. They claimed that they did not receive the funds. They couldn't find any payment. Neither bank could tell me what happened to the payment. Bank Of America was useless in resolving my issue. I had to wait for 1.5 hrs for the mortgage to answer the call. And all that they could is...that they don't know what happened to the funds. Very frustrating bank.
We have never been able to qualify for a business loan despite having a credit score over 770. They have discriminated against us because our Real estate investments are in the inner city. The bank only approves us for high-interest credit cards in our personal names and not our business name.
My first mistake was refinancing with BOA. My original loan was with them in 2013, as well as a previous refinance in 2018. In 2018, they had issues with remembering basic requests that I had. This time around in August 2020, they failed miserably to pay attention to detail. With COVID, most of the communication during the process is either by phone, or via their chat thread in the BOA site itself. I had to resend the same information multiple times.
The biggest failure was with the title. During three separate phone calls and two threads, I especially mentioned that I was to be solely on the title and all docs. I had assumed they prepared the final docs correctly. I made the mistake of taking the final loan disclosure (6 pages) sent as doctrine. I should have asked to review the entire packet. The best advise I can give is to specially document your requests in the thread, and to insist that the final loan docs be reviewed prior to signing. I am so irritated that just in spite, after the refinance is finalized next week, I am going to refinance again just to get away from BOA.
I was told my mortgage could go on forbearance for 3 months during the pandemic... Not only NOT TRUE but I was put into credit for nonpayment. I spoke to Melinda **, Denise **, Calvin **, William **, Dominick, Shawna **. A Shanika ** Never answers her phone or call me back. Actually a Supervisor named Melinda ** told you, "Do NOT have to call anymore. We will take care of it," that was July 3 in June. Bank of America hot my credit again, Also as I was calling and getting nowhere, they hit me with a $17.50 charge twice sending someone to my home to make sure it was in good condition since I did not make my payments. I was on the phone with the managers & supervisors above since end of March.. Now I have been on hold for an hr and sent to the wrong dept. 3xs trying to get the $35.00 taken off...NIGHTMARE!
If I could give it negative stars I would. Most onerous, inefficient, confusing process imaginable. It took over 50+ emails & communications back and forth over a period of more than 85 days -- to refinance a mortgage that was ALREADY held at Bank of America. Underwriter would demand a piece of documentation at 4:30 pm and threaten that if it wasn't uploaded by the next morning, our loan would be cancelled. This happened at least 20 times. Even after closing (signed docs, transferred funds), Bank of America continued to demand additional documentation before finalizing the mortgage - with our funds in hand! Representative & manager were completely useless. They were just playing telephone with the underwriter.
None of the requests were collated or organized and many of the requests did not align with what was being requested via the web portal. So we ended up having to upload many things twice because it was requested via the web portal but then the underwriter would claim it wasn't uploaded because their interface didn't show them what was uploaded in the portal and the underwriter would request it again. I will NEVER use Bank of America mortgage again. I don't care if they offer a full % off the going rates.
Currently with Bank of America, some of the problems I have had with them are they wouldn't allow me to purchase my own home owners insurance, or well they would let me purchase it, they just wouldn't accept it as the policy and they refused to work with my insurance agent to figure it, so they could sell me their own double the cost insurance. Lots of fun they are.... Now trying to refi the loan and the loan officer offered one rate during the whole process and then when we accept the offer she says the rates suddenly went up, even though the fed has lowered rates daily during the virus and they aren't going up anywhere else but Bank of America.... I asked where I could review the rates for refi and they will not explain or allow the consumer to see the rates and they make them up based on what the cost of their new boat will be.... I would NOT choose bank of america, I chose a local bank and they sold the mortgage to bank of america....
My loan officer Mark *** was extremely unorganized. I spoke with him at one point and he said I was approved for a certain amount by myself, then the next day when I spoke with him he told me something different. I then at that moment have to put my fiance on the loan with me. He said he would call him right away because I had explained to him that the home we wanted was needing us to get the approval letter fixed with my fiance's name on it, then they would sign a contract with us. Mind you this was a 830AM. While I was on the phone, my real estate lady said that someone put in a cash offer for the house and that they liked us more, but we had to get the approval fixed THAT DAY. Otherwise they would have took the other offer. I needed things done fairly quickly and I emailed/ called and no answer and my fiance didn't hear anything from him either yet.
Time went on and we were running out of time. He would not call back, he would not email back. It got to the point where I had to call his supervisor and request that I get someone new. They first refused me someone new, then after it was 1PM now and I hadn't heard anything and neither my fiance. I called again and spoke to someone else, I asked for a new guy then they were going to give me a new guy but all of a sudden Mark was calling my fiance. After everything was said and done and fixed the approval letter. My real estate agent needed some paperwork from Mark. He did not send the correct paperwork at first. Then he send the correct paperwork but with the incorrect numbers on it. Not to also mention that he was quoting us at a crazy amount of money to pay him up front.
Long story short. We went with a different bank that was way more organized and helpful and emails/calls me within about 5 minutes if I have a concern. BUT WAIT. THE STORY DOESN'T END THERE. After I told him that we were not going to use BOA for our loan and not use him for the loan officer. Then, he was emailing me like crazy fast. I was honest with him about how I felt about him and the experience and told him that my fiance and I went with a different lender and different bank. He said ok thanks. 2 WEEKS later he sent an email and called me asking if we were still in the market for a lender. I messaged him back and said my point exactly, you have documentation that I went with a new lender 2 weeks ago and now you are asking me if we are in the market for a new lender. EXTREMELY UNORGANIZED! In which at that point, I decided to write this review.
Doing refi with Bank of America was the worst decisions I’ve ever made. This loan officer Eddie ** never following up with you throughout this process, doesn’t know what they’re doing, don’t waste your time with this guy. After more than three months this guy will blames on everyone else except himself, I’ve never experienced this bad of a customer services. I had left a message to his manager but also no response, you would think Bank of America would care to know how their employees treated their customers. At this point it’s too late. I’ve moved on. Go with a local lender around your town for faster process and better customer services.
Worse customer service ever. Do yourself a favor a do not get a mortgage or refinance your existing mortgage with Bank of America. I wanted to refinance my mortgage with them. I thought it was gonna be a simple and straightforward process since I have perfect credit, 6 figure W2 income, and there is over 20% in equity in my home. I am also a Preferred Platinum Honors customer with Bank of America. Well, everything was fine until the appraisal report came out which came in like 30k below market value. According to Realtor.com, Zillow, Trulia and Redfin my property is worth from 375k to 390k. I also had my realtor run comps and he suggested the same value. Average price per square foot in the area is like $205 and the appraiser decided to use a comp which value was $168 per sq ft destroying the whole value of my property.
I submitted sufficient evidence proving that the property that the appraiser selected was not relevant nor fair because my house is completely renovated and that comp was falling into pieces and the lending advisor (Andrew **) decided not only to not do anything about it but to also ignore my calls and emails. They also assigned a random lending advisor right after the appraisal who I had never spoken to and who won’t answer my calls or emails. Do yourself a favor and do not waste your time or money with these people. I immediately applied at a local credit union and I’m glad I did because they are giving me a 3.25% which is much lower than what Bank of America was offering me, much lower closing costs, appraisal came in 40k higher than Bank of America’s and a much better customer service and experience.
The BOA mortgage loan process is a long and tedious one. Including endless prying into your personal and financial life. But the worst part of my experience was being denied a loan right before closing due to being laid off. No matter how many times I explained I could afford the loan and offered to add on cosigners, the soulless nonpersonal behemoth that is BOA denied me. Just remember that large institutions like BOA do not care about you no matter your situation.
I asked for forbearance and they said that I would have to pay 3 months worth of payments at the end of three months, they are stupid if you lose your job then you don’t have 4000$ or more to make up payments. They are not doing their best to help customers out in these terrible times, and they are getting g relief from the government. Does the government ask them to pay back? They suck. I hate them.
If I could give BofA Mortgage 0 stars, I completely would. I was buying my first house and thought that going with BofA Mortgage would be very easy since I bank with BofA. I was absolutely wrong, especially because BofA Mortgage ISN'T EVEN PART OF BANK OF AMERICA (learned this later). Originally I had decided on another lender with lesser fees but I was told they could not give me a loan due to my limited credit history (I have a great score though). So I asked the lending officer at BofA if this was going to be an issue with them because I didn’t really have any time to waste since I’d already started the closing process. The woman told me it would be fine with the type of loan I was getting.
Then, 10 days go by and after submitting all of my information for the loan application (which was asked for MULTIPLE TIMES???? They kept losing stuff???), the lending officer gets back to tell me underwriting says that my credit was an issue and we could explore other loan options. She outright LIED TO ME days prior. I also forgot to mention that she also locked in my rate when I SPECIFICALLY asked her not to because I wanted to let it float for something better. Once she did that, I couldn’t unlock it and was stuck. Anyways, I decided to leave ASAP when they were on the fence and went to a local mortgage lender and my experience was 1000000% better. Find someone who actually cares about your loan and avoid Bank of America Mortgage at all costs.
I'm the banking customer and contacted Jim ** for my new home mortgage needs who played irresponsibly on my closing. Jim had started not to respond my calls and message, so I drove to Limerick Financial Center then he conveyed message that he is busy with other client and call back. He asked me to work with the Bank underwriter on day closing. Underwriter missed few credits to applying to mortgage and then I’m ending up losing money in closing. My mortgage has to close on the day otherwise Builder warns me to lose incentives. Leading officer is also not able respond on-time, she called at the end of her business day when nothing can be done. She confirmed that She didn’t have all credit documentation to properly assign credit in closing doc. I’ve high frustration on closing when I didn’t get enough attention either from Mortgage officer or leading officer.
After closing, BOA Center Manager Kelly ** convinced me that She is trying do something at her level. I reached out to BOA Vice President Mortgage, but they declined to do anything after the closing. Bank of America Mortgage division has not able to deliver the Quality service and I ended up in lost credit and got sleepless nights during closing.
Please stay away from Bank Mortgage because I don't want you to suffer like me. Lending officer was available only after the bank's hours and nothing can be done other than accepting as is and complete the closing. BEWARE of pathetic customer service from Bank of America Associates and Limerick Banking Center. STAY AWAY!!!
This is my first time purchasing a home. My situation may be a little more unique than others because I purchased a new build, and BofA was the builder's preferred lender, so I do believe that with pressure from the builder, I was finally able to get the loan closed. I can't really know for sure, but I did hear from one of the sales agents that another unit couldn't close so they had to use their back up lender. So I do not believe having the builder breathing down BofA's necks increased my chances of the mortgage being approved, but it definitely hastened the process. I have to say, throughout the whole process, my Loan person, ANA from the Riverside branch was FANTASTIC.
I was originally told that escrow would be 25 days (by the sales agent). I was thrilled to hear this, and planned accordingly, but later learned how incredibly NOT realistic it was, especially given how large BofA is. I have trouble relenting control at times, and wanted to be involved in much of the process, and ensure we could close by the 25th day so I could avoid being homeless... but alas, that did not happen. Ana never gave me a clear closing date, but I think that was strategic in not wanting to set up unrealistic expectations (unlike the sales agent). Thankfully, I was able to extend my lease by another 30 days, giving myself and BofA plenty of cushion.
With more time and realizing I was driving not just myself but everyone crazy with my control-freak ways, I eventually had to relent and give the reins to Ana, and just trust in the process (very hard to do because I tend to have neurotic tendencies and think of worst possible scenarios - I mean, I read this website religiously and even resorted to believing that I would get denied). However, once I just went with the process rather than fighting against it, we eventually closed (not without some hiccups). Escrow ended up being closer to 45 days than 25 days. I now have the keys to a beautiful new home. I owe a lot of it to Ana who was an ardent advocate on my behalf, and especially when the underwriter pushed back on a couple of issues. She is wonderful, and I would recommend her to anyone looking to purchase their new home/refi, etc. with BofA.
I feel sorry for anyone who loses a loved one or has someone in terminal care that has a mortgage with B of A. I kept sending in payments but never saw a bill. They refuse to honor court orders while continuing to charge late fees. I submitted the correct paperwork to FOUR different addresses and fax numbers they gave me. Yes, a different customer service person every time said, "Oh that's not the right" number or address.
I finally had to get an attorney to go head to head with their legal department just to get them to put me on as a conservator for my dad. They refused to return any late fees for the 8 months they were sending the bill to the wrong address. And then they told me they couldn't reverse them without speaking to my father! The point of the court for assigning a conservatory is to be able to speak for those who can not. They seem to think it is ok to charge my father fees simply because he can not ask them to reverse them. Wrong, immoral, and unethical! Beware of these vultures. When you do get someone on the phone, expect to waste an hour and get nowhere.
This has been the worst experience EVER with BOA. I closed with BOA on 11/15 & they have YET to pay my mortgage insurance. I have had to pay it even though it is paid through escrow. Can you believe that they mailed the check to the WRONG address. Supposedly, they “corrected” the issue and sent it via FedEx overnight on 02/06/2020. It’s 02/18/2020 and still NO payment has been received. A manager from BOA actually called ME and told me to call my insurance company and request a refund. I’m so glad that I didn’t because I probably would have been laughed at over the phone.
This is the WORST mortgage company that I have ever experienced. I’m actually on hold now and the customer service representative wants me to call my insurance company and give them a NEW tracking number and have them reroute the check. Gurl bye, no ma’am that is NOT my job. She said that she’s at a call center and they can’t call out. Are you freaking kidding me? So, there are NO phones in the building in which one can dial out? How ridiculous is that? Now, I’m being transferred to her supervisor by the name of “Brooklyn.” I’m sure this will go very well. Anyhoo, if possible DON’T deal with BOA. If negative 0s existed, they would have several. I hate them!
Many processes, not professional, too stubborn. BOA should close their service on mortgage, definitely. We and many of our friends got denied at BOA, and we got approved in any other banks. BOA staff do not know how to reply to clients' questions. Not professional at all. Avoid it!
Paid off our VA mortgage 15 years ago. Yet, we constantly receive refinance emails (guaranteed!) from B of A. ALL their sites come up as "unsecured". Can't imagine doing any business that allows spam in their name, sends unsolicited emails, and does not provide basic on-line consumer security.
The pre-approval process was fast and we got a good rate. We signed the home contract on 9/27 and I called my mortgage officer and he gave a closing date of 11/7!! The bank schedule the appraisal few days before the closing and of course, they didn't get the report on time. Interestingly, I called the loan processor a week before and she had no idea what is going on and when is the closing schedule or when the appraisal scheduled. She called me two days before and said that she didn't get the report but everything will be on time. Then the night before, she asked to extend to closing to 11/14! The night before she asked to extend to 11/15. Guess what? She never sent a clearness. She stopped answering phone or emails and I had to call a manager who finally sent clearness. Closing was rescheduled. So it was pushed to Monday 11/18.
On Friday their system broke and they never sent the closing package to closing company. Of course they never communicated until I called in the afternoon and asked them to send email to explain. So we have to reschedule again. (Please note that I didn't mention all the failures. I just gave the outlines.) To summarize: lack of experience. Lack of interest in what they do. Lack of respect to customers and their time.
Started off with a refinance in August, locked a great rate and gave them all the paperwork. Kept following up with documents here and there and everything seemed to be going good. Then come to find out they had trouble reviewing one of my documents. I sent them clear documents and as far as I know they could review them. Then days went by with no response, kept calling and emailing but nothing. Then logged into my account one day and the refinance link was gone. Called to talk to anyone I could and come to find out through them that my application was denied because they had trouble reading another doc. Everything sent to them was prompt and very clear. Absolutely horrible experience. Never got an email or a call stating it was denied, nor given an option to change the documents to their request. Was a banking customer for 14 years until this happened. Would not recommend wasting your time with their mortgage department.
Absolute worst experience of my life using this bank for a mortgage and severely regret it. Expect months of delays, lost paperwork, unending requests for ridiculous types of documentation that goes on for months, 20 different people handling your file, the list goes on. They also charge $1500 “application fee.” This bank has the worst customer ratings of all banks, and it is well documented. Please do not use a big national bank for a mortgage and choose a local one to do your business with.
One of the loan officers messed up an email, which led to all my personal info being sent to a random email address. Then, had to push back my originally scheduled closing date after numerous representations that it would close on time despite the fact that I provided everything they asked of me. After pushing it back 10 days, the bank yet again failed to get through reviewing my file and I had to push back closing again. As with the first time it got pushed, after numerous representations by the loan officer that they would be able to close on time. I'm still waiting for the review to finish up, and at this point have no expectations of them. They really seem to spend maybe around 5-10 minutes a day on your file, and remain unresponsive to any calls or emails. Pretty horrible. Use a different bank.
In my experience, I was the Realtor representing the Seller. BoA contacted me at almost 5 pm on the day of the 2nd scheduled closing to let me know "We're working to close" but of course for the 2nd time we weren't closing. The lack of communication and total disregard for other's time and money is totally unacceptable. In the future, I'm going to let my potential clients know of my experience with BoA and if they are using BoA, that they definitely shop around. People think that they should just go to their bank for a mortgage loan. Mortgage lenders are offering the same products but not the same follow through and customer service. Always shop around.
I was 19 when I opened My Bank of America account, 28 yrs later, They had taken my Countrywide 2008 mortgage loan over, with knowing it contained the Documents of Falsified, fraud, Perjury,and Robo-signing as My loan was Toxic. I Think its came to the time of Bank of America sending a loan modification letter, On 9/23/2008 that read "We pleased to advice you that your loan modification has been approved." It's states on top of letter Portfolio Solution CB loan # ----** as now being converted from Pay Option Adjustable rate mortgage Arm/ into a 5/1 Arm with 10 year Interest only mortgage in Accordance with the Modification note.
Countrywide in 3 years raised my principal $40k making it impossible to make my monthly mortgage payments, So Bank of America that comes in to save the WORLD 2008, offer this as Countrywide has included there 14 pages as DEED of TRUST That has these words SECURITY INSTRUMENTS and Planned development rider that shows I initialed, but initials are not from me initialing, or ever seeing these 14 pages in 2005? So B of A continues with moving forward and continue making interest only payments as my only option to keep from foreclosing? With this as making my 23 month marriage become a Divorce and going thru 1 1/2 of court dates I COLLAPSE as a HEART ATTACK, as I'm recovering and ending up paying $80k in my divorce 2010. I'm back to My loan as needing to get verification of all this 14 pages, notes, security Instruments, riders, planned development, etc.
My mom falls, hits her head, in a coma 63 days and passes 11/1/2011. I'm completely assumed in her passing as the sale of being in a business the last 16 yrs, of being a partnership with Thieves that been stealing moneys from the business for the last 5 years of the sale that took 3 yrs that started in 2009 and finalized in 2/01/2012.
I'm back on my loan as B of A Still continues to feel they helped me out with offering this 10 modification they shoved down my throat as I never could get answers to why trying to get a loan modification as my only way out of this TOXIC Countrywide loan, as Now thinking as Predatory lending has taken place as my reasoning of B of A saying 3 times the applications for modification were never received at the modification departments in 2014, 2015, 2016, but here comes a letter saying My loan is going to end in 2018 Nov 1, if I Want to do modification / get loan assistance I need to as B of A SENDS me the application in late 2016 as the first application never made it to me by mail, So they send it Again and fill out another application, but didn't get it back to them before 2/12/2017 as the next letter comes saying "we're not going be able to process your modification" because they haven't received it in time.
So on the 10 yr interest only loan that B of A OFFERED as HELPING TO continue the toxic Countrywide they seemed to blindside me with during all these settlements I missed /or failed to even think at these times of going thru hardships. 3/23/2017 my dad passes fight his fight with dementia the last 6 yrs. As of now I've failed in a marriage, failed in my trying to get my mortgage figured out, lost both of parents, the thieves found it possible to hide everything that was taken as moneys, and in return tried to sue me for saying I didn't hold up to the LLC, agreements as never happened. So back to loan as of November 1st 2018 the day it ended of starting NOVEMBER 1 2008 Bank of America Rapidly sold my loan off by sending me a notice on October 15 2018 to RUSHMORE LOAN SERVICES with Still holding theses toxic countrywide terms as security Instruments etc.
I finally received from B of A after they sold / traded of the security instruments and its greed for resulting profits. NOW you tell me how $3600.00 a month mortgage payments I've been making for the last 9 months and trying to explain To RUSHMORE I can't make these payments much longer as they, answer back as they weren't the ORIGINATOR Of this loan, BANK OF AMERICA/ COUNTRYWIDE WERE??? I have tried everything, but hanging myself to get Bank of AMERICA TO say they did nothing but try and help me in 2008, and furthermore can't get them to respond to say Thank you for the last 38 years of being a VALUE TO MAKING US A PROFIT OF YOUR MONEYS.
Bank of America THE WORST BANK in the World, This bank has taken the last of life I have Today as Soon as Next month My home I've tried to keep from foreclosing for 10 years as feeling I have no other way as BANK OF AMERICA has help me get to this with knowing this day would come by how toxic this loan they refused to give me as the laws of just A FAIR LENDING OPPORTUNITY they refused, because of GREED OF THE LOVE OF MONEY, SAD BUT IT'S THE GODS TRUTH (ECCLESIASTES 5:9) Whoever loves money never has money enough, Whoever has wealth is never satisfied with his income, This to meaningless as BANK OF AMERICA Being helpful as the laws they have refused to be ACCOUNTABLE to withhold as holding me to a debt that I don't owe.
I can only blame myself as the last 10 yrs I've lost everything I've loved the the most even my home of paying over $340 in the last 17 yrs. and have nothing to show for or even to share with. Thank for all your help Bank of America and don't have any idea how many families, homes, people, you have effected with stealing the Americans dream of someday saying they own a home they worked hard for to be free of a mortgage payment and to be proud of it.
As trustee on my mom's living trust, after she died, I faithfully made my automatic mortgage payments to B of A for the beautiful home I inherited on 5 acres in SLO County, CA (central coast). For seven years (4/2012 to 7/2019). Then, B of A took my July 2019 payment, but returned it to me. I paid it again, same thing. Again in August, same thing. They foreclosed on my property.
Now I have to pay the mortgage off in full and they are charging me thousands in late fees, foreclosure fees, recording, inspection, and other fees totaling an extra approx $6000, beyond the principal balance. No warning from them. I pay all of it (loan balance and all the fees they caused by returning my payment) or I lose my mom's property.
I have other personal accounts with them. Once I pay off the mortgage, I will cancel all my B of A accounts, except my primary residence mortgage, which is too large for me to pay off. Previously, I canceled my business accounts with B of A because I was treated worse than just a number despite maintaining a balance averaging over 100k, sometimes twice or more than that.
Back to the property I inherited when my mom passed, where they returned my payments and foreclosed - I'd provided them all the info they'd asked for, and more, and during the seven years of accepting my payments, they never gave me access to my mother's mortgage account despite my spending over 20 hours on the phones with them. Each time, I would go around in a circle, like the dog I am to them, chasing its own tail. I'd finally get to someone who makes me fax the same docs I faxed before, and they do nothing. I faxed cert of trust, death cert, the trust itself, my ID, deed conveying to the trust, and much more. Everything they'd ever asked for.
Do business with them at your peril. Do not ever expect consistent, good customer service. I mean, on a scale of poor, fair, good, above-average, and excellent, you will not get a consistent "good." One hand of the bank never knows what the other hand is doing, and be ready for groundhog day. The same thing always, and it never changes and cannot be changed. I am a busy, above-average attorney and I know my way around getting things done. It would have been less time consuming to sue them.
Now I will pay them off, then close my accounts, then sue them, which I really do not have time for over a mere $6000 fees dispute which they caused without warning or notice, but I documented everything, so maybe one other soul will be treated better after I waste precious time over $6000. My recommendation is to never do business with this bank. There are way too many other options out there from banks who might actually appreciate your business no matter how small your account is to them.
BofA has been the absolute worst experience I have ever had when dealing with purchasing a home. We were pre-approved for a loan amount that we should not have been approved for. The LO only took paycheck stubs and tax returns to come to the affordable amount. We shopped around and finally found the perfect home for my family. Immediately I started to notice red flags with my LO. Delayed calls backs, had no idea what was going on with the entire process. I was running around all over the city trying to track down documents and certs that I was asked to provide.
There was a delay in ordering the appraisal for the home which threw us behind about a week or two. Found out later, that was the LO's fault. He never ordered the appraisal when he said he did. Once my file made it to underwriting is when the nightmare began. I sent in the same documents over and over and over again. I would call my LO and ask what the status was and he could never give me a straight answer. Also found out he never sent certain docs to the underwriters.
After all the run-around, I finally started reaching out to managers. My closing date was rapidly approaching. Then BAM!! We get hit with an issue of a certain deduction that was on my pay stub that needed a court order to be provided for it. WHY wasn't this noticed by the LO the first time I submitted pay stubs? Another oversight that wasn't our fault. Got over that hurdle, then another issue with the rental property I owned. I was told this was not initially disclosed on the loan app. I don't know why as I sent in insurance dec pages that clearly noted there was a private mortgage on the property. 3 days before closing and I had to provide more documentation that I had previously submitted!!
Once that was all figured out, 2 days before closing I was given the run-around all day. I simply wanted to know if I had final approval for the loan. NOT ONE PERSON could tell me a firm yes or no. I was told someone will call you right back and never recv'd a call back. I finally had enough and reached out to the Mortgage Processor and she finally told me that we were DENIED. 2 DAYS BEFORE CLOSING! For our DTI being too high! WHAT!!?? Why let me go THIS far to tell me I'm denied for something that should have been quality-checked during the PRE-APPROVAL process!!! After all the running around I did and providing docs over and over again. Not to mention we already paid for the appraisal and the inspection. I told them I needed my appraisal $ back in my account IMMEDIATELY!!
We were forced to start all over again with a new lender. We just didn't want to go down without a fight. I am completely devastated. I'm glad I didn't sell my current home yet. Otherwise my family and I would be homeless!!! Please take my advice and avoid this bank at ALL costs!!! They're only good for depositing and withdrawing money, not providing mortgages.
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.
Bank of America Mortgage Company Information
- Company Name:
- Bank of America
- Company Type:
- Ticker Symbol:
- Year Founded:
- 100 North Tryon St
- Postal Code:
- United States
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