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Bank of America (NMLS #399802) offers mortgage loans nationwide and has lending specialists available both online and at branch locations. If you’re searching for a mortgage loan, loan refinancing or a home equity line of credit, visit Bank of America’s website to apply.
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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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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.
B of A’s home equity loan is a total joke in terms of online servicing! I just called them now (at 10:30 PM Pacific Time), they are “closed”. Do they know it’s 2019 and the world is 24/y? I get emails monthly telling me my HE line statements are “available” online. Yet following the link, going into their “app”, all HELOC links are disabled. This is absolute non-sense! On top of your incompetent website which doesn’t offer “online” information on my loan, you have the audacity to email me and tell me you have something useful - when in fact you have nothing! Appalling!
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.
After working with a loan officer for two years, I attempted to continue the process after he left. Big mistake. Constantly called by different people wasting my time, with misinformation, giving me conflicting stories. Finally called by a very very green “manager” who told me they couldn’t refinance my home because it had a “life estate.” Laughable — I was so embarrassed for him. He clearly did not know what a life estate is, and was unable to provide a definition. When I explained to him that a “life estate” ended when the life tenant died, and that is why it is called a “life estate” he told me that was “immaterial.” Ummm, ok.
So, instead of actually understanding what he was doing, or simply asking for documentation that would clarify, he argued with me, insisting that my property had a vested “life estate interest” making them unable to offer a loan on the property. It was really pretty hilarious, especially since I had recently had my real estate lawyer check the title on my property to be certain there were no clouds on title or problems that needed to be rectified. In the end, I am grateful that he was such a dummy, because I was already having a bad feeling about all the lame calls and incompetence, along with conflicting information. Impersonal, inadequate service. Clearly staff is not trained properly. My advice: go find someone who know what you are doing. If they don’t know what they’re doing in the beginning, it can’t have a happy ending.
BoA is a huge fraudster company. They would lie and deceive to get your money. Watch out! Loan modification is virtually denied for anybody or they would just not process your application. This bank has been sued many times and the best way is to sue them or at least report to State's Attorney office.
I have been a Bank Of America customer for 10+ years and have been very pleased with all its services. However, I would not recommend their mortgage division to anyone. Here are the reasons: I had worked with a loan officer within BOA for nearly a year and gotten all the way to pre approval. After I signed the contract on my property, I tried to contact this loan officer to proceed with my mortgage application.
This is when all went down the drain - The loan officer and his entire chain of command simply just disappeared. Worse, I was not able to get any information on what had happened to my loan and who it was being transitioned to. I have not completed the process yet and the saga still continues. Only reason I am sticking with BOA at this point is so that I don't end up starting my scratch with another place. In the day and age of Rocket Mortgages - I highly recommend that you shop around and pick a reliable and customer oriented place for the biggest financial decision of your life.
Customer service representatives appear to be unfriendly and uneducated about loan questions. Payments were made and on time but payments went into loan 1 and not loan 2. Asked for assistance with refinancing/combining loans into one loan. Combining both loans will eliminate such mistakes from recurring. No assistance has been given by B of A.
I liked the fact that they have pay plans. We paid weekly on our home and they took the payment right out of our account. I didn't care for the fact that we had 3 month left to pay and they sold our mortgage.
They let you get all supporting documents to complete your application and spent all the time with the assumption you will be approve and after a day they will tell you, your application was disapproved. They already know from the beginning that they don't approve your application. They should advise you right there that you are ineligible to apply. Very disgusting and disappointed.
They took over Country Wide and they are terrible. High interest rates, customer service is terrible, you go to one of their locations, that's terrible and you wait in line for a long period. They have access to about 7 teller windows and only use one or 2. Very overrated for what they provide.
Bank of America sucks. Back in 2011 when my son was battling cancer and wife couldn't work. I was trying my best to keep my house but won't let me modify my loan instead told point blank that they could care less if my son lived or died. They wanted my house payment or they will foreclose on my house. So we had to sell it and move in with family and cause lots of more issues to where in time cause me and my wife to divorce and my son is now a long term survivor but is in depression due to our family broke up. Thank you Bank of America. You care nothing about your customers only money and screwing your customers when they are down on their life. I Tell everyone for years now how bad and uncaring you are. Hope in time this awful bank goes under.
The customer service department is impossible to get on the phone, they have no authority. I have tried to increase an automatic payment amount multiple times with no luck. They are prevent me from paying off my mortgage at a faster rate.
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.
Bank of America is one of the worst financial institution ever. They showed no interest at all in working with you with through the financing process. Just when it appeared it was certain to obtain the loan, they denied loan at the last minute without any logical explanation. Inconsistent personnel handling the loan. Never the same person you started working with. Then, not avail themselves to discuss the matter further. Bank of America would be the last bank in this country I would ever apply for a loan or do any other type of business matter with them.
I applied for and received a loan modification with BOA in 2009 and was the victim of predatory lending. I NEVER should have gotten that loan. In 2011 I applied for and received a loan modification. I refinanced in 2015. I thought I had sold my home this month, but when title was pulled, the title company found a 69K lien on my house that was placed there by HUD in 2012.
I had NO IDEA that BOA was going to turn over the loan modification amount to HUD and that they were going to place a lien on my property. Now I cannot sell my home because between my current mortgage and the HUD lien, I am upside down. HUD will not take an offer to settle the lien because they are in first lien position. I applied for a loan modification to get myself out of trouble (and haven't missed or been late on a payment since). I didn't realize I was getting myself into a worse situation.
We got our preapproval and locked in the rate and the loan officer assured us several times that our application looks good and we shouldn’t worry about it. However, after taking three weeks and submitting documents over and over that we already had given to them multiple times (upload, fax, and email), they came back to us saying that they can’t do the loan with some ** reason that no other lender would say. The reason was because of “Limited Credit Experience” when we had enough experience longer than 5 years with both EXCELLENT credit scores. They told us to go with longer term and a lot higher interest which was even higher than other lenders we were previously got preapproved with. That loan officer seemed to play a game with us that she couldn’t even figure out whether that reason could’ve denied our application in the beginning when she already checked our credit report and assured us that we are in a good standing.
Our experience is subpar and we are in a very difficult situation now because we rejected two lenders since they promised us to lock in a good rate. We are dubious if their plan was to lock us at a good rate and lead us to have a worse deal at the end. We would not believe this unethical practice would be something that BoA would advise employees to do. At this point, we’re not going with BoA any longer but we wanted others to look out this kind of situation with BoA for mortgage loan.
BOA gave me a loan modification but failed to inform me that 28K was sold to HUD resulting in a lien on my house. I was unaware of this until I sold my house last year. I had to satisfy that lien before escrow closed. How come Pennymac did not have to satisfy that lien when they bought the mortgage? Any help with this will be appreciated.
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.
My second mortgage was sold to BOA several years ago. The original loan was a 30 yr fixed rate loan. I am now receiving notifications from BOA that is a balloon loan, and final huge payment will be due Dec 1st, 2020. I would never, ever agree to a balloon type loan. Those are for house flippers, that don't plan on sticking around. I have all of the ORIGINAL paperwork, and am about to raise Holy Hell with BOA!! Bunch of crooks!!
If you are looking for a bank that values you as an excellent customer... look for another bank immediately. We had our home damaged by Hurricane Michael in Panama City Florida. We are an excellent customer. We have paid our home mortgage on time, ahead of time and NEVER a late payment in 18 years! We have been awarded for our loyalty by having our insurance check proceeds being withheld entirely as of date. The bank has made excuses and unrealistic document demands that we have complied with to the best of our abilities in a natural disaster.
We sent along with our signed insurance check that required joint signatures with the bank, the following documentations: Paid invoice, contracts with 1/2 paid deposits documentations, signed contracts and even photos of the repairs. We have paid out of pocket MORE than we owe on the mortgage so far... And still the bank keeps our money. We have demanded 10% interest on the money that they are holding, which they have not responded to. They are in violation of the good faith agreement.
Bank of American has actually caused more damage to our property by withholding our funds so that we could not get the crucial repairs done. Because we could not access the funds, my husband and I have had to continue to remove wet drywall and insulation. The banks demands that we acquire W-9 information before dangerous material could be removed from our home is a crime. The entire purpose of a bank withholding insurance checks is to protect their investment and OUR investment... They have made a major mistake and we are going to hold them accountable!!! It is indeed sad business when homeowners do more to protect their investment than the bank does.
Since the bank is in possession of our money that is three times the amount that we owe them, that makes us the lender and the bank is currently in default of their loan. Since we have never been late on a payment, we will have to research what penalties we can charge the bank. When we explained our situation to a recent bank employee, we were told to pay off our mortgage if we wanted our insurance money. That one statement sums up why I would advise anyone who is thinking of using ANY service with Bank of American to RUN RUN RUN.
Judge threw out BOA's case against me the first 2 times. I am now on 4th year with round 3 in court with BOA. I specifically need evidence of mishandling of mortgage payments, modification "extortions", lack of communication by BOA. Please email info to **. My loan was originally with Countrywide where I had no issues. Since BOA took over CW I have had nothing but issues. BOA has made my life miserable. I have felt threatened, crazy, robbed of freedom of use and enjoyment of my property. I can't move, rent or repair damages. I have been essentially held hostage in my home for YEARS. If you have valid information to assist please help.
Got a pre-approval letter from Bank of America. Entering into escrow and underwriters refused to fund loan. Bank of America charged my credit card for a house appraisal after telling me no charges would occur until loan was approved. Charged for appraisal and refuse to fund loan. Fighting with Bank of America for over 2 months to reverse charges, I get no return calls from the loan officer or his boss. NOT PROFESSIONAL, BANK OF AMERICA SUCKS.
I bought a house in 2018. Countrywide was the lender. After the bubble burst, the feds forced Bank of America to take control of Countrywide's loans, among others. My first bill from BoA showed a $300.00 a month increase in payment. And I did not receive a new agreement which showed BofA as a lien holder. So like thousands of others I started calling. And it took weeks to work up thru their tiered system of useless personnel. Eventually I got high enough to get a first class ** on the phone with enough pull that after a 20 minute screaming session on speaker phones (he had his on too) I finally told them that, "I would not pay another payment until you can show me you own the loan and how the payment is being distributed". And that this conversation would be the last I would subject myself to. Please mail any further comments or the documents and all future comments would be sent by first class mail.
14 months went by with no bills from bofa. No phone calls. During those 14 months the property values dropped on Zillow in my neighborhood. The house I bought for $221000.00, Dropped to just over $80000. This was a 2 story 3000 sq. ft. home. Its value was lower than the material cost to build it. As time has passed I came to realize this was the real reason that homes like mine were not foreclosed on that we, once I initiated contact they immediately tried to wrap us into the mortgage assistance wheel. I fought it for many months still asking how they came up with the mortgage payment amount and back payments to no avail. Eventually my wife started having stress related issues due to the consistent bombardment of phone calls and literally stacks of mail daily addressed to each of us and at least 1 to both of us and a few occupant letters. Every stinking day.
So in 2011 we started the process. And like the thousands of others we resubmitted papers, letters, questionnaires. It took until early 2012 to finally acknowledge they even received a package. Then they were denied. Wrong address, wrong PO Box, wrong zip code, bofa changed its division title on and on and on. Eventually we just started to fax them to the number they gave us and then we looked up some other numbers and started faxing there also. Hundreds of copies. Then 3-5 weeks later boom. Something expired and we would start again. In late 2012 after the US gov. gave bofa 215 million more to "heal" their own loans, our modification was moving. We were hit for 24000 in back payments in Oct. 2012.
We were told that the amount would be added to the back end of the loan. I took that to mean that the 24000 it would be added to the loan. It was not. As things got better in our area the property values increased and so did the foreclosures. Since the values were rising they cherry picked the best properties with the worst situations. Since I wanted to reduce my principal I made extra payments and in about 5 years knocked my principal down to 186000. And in 2017 the values were up higher than pre bubble. By then our family was broken. I was working out of state from 2013 to 2016 when we moved to the great northwest. We sold the home with all the necessary title searches and a reputable realtor company. I put another $25000.00 into the house for remodel and it sold for $270000.00 9/1/2017.
The title company took control of the funds. Paid off bofa. All things are good. We buy into a small shack up here in the pacific northwest, which took everything I will ever have, to make the down. And in February 2018. We get a demand letter for 47000.00 from our friendly Gov. saying I still owed them for the modification. They now have turned it over to the treasury dept. and they doubled it again to about 85000. So my point is if you made or accepted a modification I would skip house payments and pay off the modification prior to selling your home. Because the bank will allow you to default. The gov. won't. My credit score while not great has dropped over 150 points since the first demand letter. I will never be able to buy another car or home on credit.
Can you imagine paying on a home for 30 years and just when you think you're all done the gov. puts a yellow letter in your box, and says you have a loan out for whatever amount with 30 years accrued interest?? It’s all a game. My self-made plan is to sell the home I’m in now and pay off the latest bill collector. Then get his and her grocery carts to live in. There's a little place right down from the mayors home that has a nice view of the sound. Hell of a way to spend your retirement years. At least it will be spring soon.
I have called several times, since May-June 2018, in the past month I called again several times trying to switch my variable rate to a fixed rate. Today, I must have called a total of 10 times, since 9.00 am Eastern standard time to 1 pm. I give up!! I spoke to several representatives who quoted me several different rates one of them indicated I should talk to the loan officer who quoted me a rate previously (previous call-month of August). Her name is Shelly **, and provided me with her phone number, 1800-781-4104 extension **. Which I spoke to, expressed my desire to want to switch from a variable to a fixed. She quoted me a rate of 6.359% for 30 years and indicated will transfer me to the right department to finalized things. I asked for her not to hang up. She stated will stay on the phone until I get transferred.
10 minutes later, no one picked up and my call dropped. I called her back at the provided phone number, I get a message saying, "this number has been disconnected." I cannot understand how does BOA have non-working numbers for employees. I called the main number again and asked to be transferred to this Loan Officer, after the representative not wanting to transfer me, finally agreed and transferred my called. Left the loan officer a message and did not get a callback. I decided to call back again, and again after speaking to a representative (Phillip) and him stating will transfer my call, after waiting several minutes the call gets disconnected. Worse possible service EVER!!! Unfortunately I have a HELOC with BOA!!!
This bank screwed my life back in 2014. They damaged my credit and all the reputation that I worked hard for it till then. They offered me to sell my house on Short-Sale programs and wait till the house is sold. During that time, not only they refused all the buyers for a different reason or lack of their responsibilities, also, after sometimes they put my house for sale on the local Auction listing. My house had a new owner from the auction sale and I did not know anything about it. As of today, I am still trying to fix my credit. No knowledgeable attorney did help me to fight them back. I do really hate the system like this and people like Bank Of America. I could name them better in my way. I will talk louder one day no matter how old is this case.
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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