Per Bloomberg, Bank of America's retail channel has been unable to keep up with demand for borrowers wanting to refinance, thanks in part to HARP Phase II, which is beginning to roll out. Per the article, borrowers are being placed on a 90 day waiting list. "Bank of America is telling some customers who call during high volume periods of the day to make a reservation. And once they do that, it could take anywhere from 60 to 90 days just to hear back. Even then, it's unclear how much longer it will take to apply for a refinance, get the loan underwritten, and finally get it funded."
And don't forget that it stopped offering cash out refinances last month so if borrowers want to tap their home equity, they'll either have to try a HELOC or go elsewhere. Borrowers with checking accounts or those who visit a branch stand a much better chance of an earlier time frame.
I personally don't understand why people keep going back to them, your thoughts?
(taken from Rob Chrisman daily mortgage news)
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