Bank of America Complaint - Home loan application hell
CALIFORNIA -- I decided to buy a home in my neighborhood and applied to Bank of America for a mortgage because I had banked with them for 20+ years. I have an average credit score of over 800, own other properties, have adequate savings, and enough cash to make a 20% down. My loan officer got a lot of details wrong, but the application was finally correct and submitted and I submitted everything very promptly. Shortly after, I was told in an email that my loan was approved. Not conditionally approved, but approved.
Then an underwriter decided to demand information about things like insurance and taxes on a rental that is paid off, and challenged the motives for why I wanted to buy another, similar home in my neighborhood. At this point, after some very testy emails and phone calls, I learned that my application is being sent up the underwriter supervisor ladder and may be countered (code for higher interest rate?) - and my deal is in jeopardy.
I think this Bank doesn't really want to lend money as I am the ideal candidate and they are asking for data that is irrelevant to the loan, stretching out the process, and fabricating reason not to lend on the original quoted interest rate.
Update: I finally got the mortgage approved, but not without submitting materials multiple times, meeting some very intrusive or excessive demands by underwriting for proof that I was not an investor but an occupier...after meeting all of the "conditions" the loan was still untimely, but the sellers didn't care, they just wanted me to get the loan. I not only don't recommend BofA, I think the experts are correct when they advise to go to a regional or local bank, because Bank of America acts like a bureaucratic governmental as a way to frustrate the purpose in getting a loan. I felt like I was being accused like a criminal all too many steps along the way.
New update: When I wrote the update I was unaware it would take another few weeks to get them to reappraise, get the correct language in the appraisal,etc. The only excuses left for delay was that the bank ran out of money and a tsunami fried the computer. I learned today it was finally funded. Truly a horrible experience and one that tells me even more so that BofA doesn't value its customers.
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