As any agent who has had to deal with Bank of America on a short sale transaction can tell you, they are not the best bank to work with. And when I say "not the best" I mean the worst. Equator system or not.
But now they're starting to take the crown as one of the worst lenders to go to for home loan as well.
Let me give you the backdrop to this conclusion.
I am currently working with a buyer client who relocated here from the Seattle area. She has been, and still is, an underwriter for B of A for 14 years.
About 3 months ago we found her a nice little 3 bedroom short sale in a nice neighborhood. The listing agent got approval on the sale from the seller's bank in very quick time, (about 4 weeks).
During the wait for the seller's bank approval my client had compiled and submitted all of the necessary paperwork to her loan officer. She being an underwriter knew of all the necessary paperwork and figured she'd be ahead of the game. She told me she had heard how difficult it was getting a loan these days and just wanted to prepare for the worst.
Well, here we are six weeks after we opened escrow and a day before the scheduled close of escrow and B of A still has not sent the loan docs over to the title company. Without going into too much detail there were a bunch of mess ups on B of A's part along the way with this loan.
By the way, she is on her fourth loan officer now with this loan. Two having left the company, and the third is on vacation.
On our final walk through last week my client informed that even though she is and has been a long time Bank of America employee she will NEVER use B of A again for any type of loan in the future. Nor will she recommend them to any friends or family.
And here's the topper. When she went up the ladder and talked to the V.P. of her division he told her that he had been put through the same rigormoral when he purchased a home last year.
Now, if this is how Bank of America treats their own, how can any person out there in the general public stand a chance with this organization?
It's time we the public start doing something about this type of behavior. Complaining to Bank of America or any of the other banks does no good. It's up to the American public to start pulling their money from these banks, staging a boycott, and utilizing local, regional banks and credit unions. That's the only way the large banks will get the message, if we hit them in the pocketbook.
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