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Bank of America clients put on a waiting list?

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Mortgage and Lending with C2 Financial NMLS# 331867

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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Derek McClintock, CMP

Certified Mortgage Planner | Senior Loan Officer

Mortgage Broker | Direct Lender

Direct Phone: 619-647-3069

Website: www.derekmcclintock.com 

Email: mcclintockmortgage@gmail.com

NMLS #331867 | CA BRE# 01361776

C2 Financial Corporation NMLS#135622 | CA BRE# 01821025

 

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The views expressed in this blog are of Derek McClintock and not C2 Financial Corporation.

 

This licensee is performing acts for which a real estate license is required. C2 Financial is licensed by the California Dept. of Real Estate, Broker # 01821025; NMLS # 135622.

 

 

Comments (1)

Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

We prefer for clients to use a mortgage broker. Better service. More options. Willing to solve problems. With a waiting list you simply say, adios and move on.

Feb 13, 2012 06:17 AM