You may have read my previous rant about what Bank of America did to a Buyer Client. Here is an update, which casts more aspersions on BOA. I learned through a colleague who has a solid contact at the Bank of America who advised me that on Friday 9/14/07, BOA discontinued all first time homebuyer programs. My client, scheduled to close the afternoon of 9/14/07 had in hand a fully completed Lender Verification Form confirming there were no issues. The underwriter signed this form.
The day before closing, Bank of America asked my Buyer to provide them with a copy of the $1,000.00 earnest money deposit check to show that it had cleared. I have never heard of any lender asking for such a thing. Have any of you? Then on the day of closing, the Bank of American began to ask for a multitude of documents, statements and so on which went on throughout the day and subsequently made it impossible for us to close that day. We then, with the blessing and knowledge of Bank of America, moved the closing to the following Monday. Monday came and the same delaying tactics by the Bank of America followed. It was on or about 3 PM, with us facing a 4 PM closing time, that Bank of America informed this buyer that they were declining them for this mortgage. They gave as the reason for declining the mortgage that after grossing up a $1,200.00 per month Social Security stipend, that this buyer now exceeded the limit for the first time home buyer program and was not eligible for any other program that the Bank of America had to offer.
Looking back on this debacle, in my opinion, Bank of America began a deliberate process of finding a way to decline this client regardless of the fact that they had approved the funding for the mortgage several weeks prior. Way to go Bank of America!
Comments (0)Subscribe to CommentsComment