First of all, let me make something very clear right up front. I generally like our local Bank of America office. I like a young loan officer there named Luke Thomas and even used him for my last home purchase. I recommend him to others and think that he does a great job. Saying all of that, I also think that Bank of American in lots of ways are complete idiots! And here's why.
We recently had a nice, waterfront home go under contract. We recommended the aforementioned Luke Thomas to the buyer. The buyer went to the main bank office here (where Luke is located) and dutifully asked for Luke. Luke wasn't in. The customer service rep named Julio then proceeded to "help" our buyer by taking the application. And here's where things get ugly! Apparently, BOA (Bank of America) encourages their non-loan personnel to pretend to be loan originators. Often time, they have no training (yes, I know they get minimal training) in what questions to ask and how to proceed. In this case, even though the buyer was well qualified, Julio neglected to ask the right questions to get this loan on track. However, we were told over a month ago (this was a fairly long term closing) that BOA was ready to close whenever we were. Well, the buyer and seller did decide to move the closing up and an addendum was prepared and given to the bank. And that's when we found out how bad things really were. The buyers have repeatedly turned in every item the bank has asked for only to have them ask for it again. Everyone at the bank points fingers at everyone else at the bank. While the real loan officers can track the progress of the loan on their computers, these "fake" officers don't even have the capability of doing that. We were scheduled to close last Thursday but we can't even get an actual closing date at this point. The seller's is in his eighties and in poor health. His daughter called me last night to let me know how disappointed she was in the bank. The buyer is furious with the bank. And as for me...Well, a few weeks ago, the seller had some elderly friends who called me to say that they were in pretty much the same boat as my sellers and they would probably be calling me too. After they get an ear full of what's transpired, I'll be very surprised if I ever hear from them again. The real loan officers are aware of what's happening and they're not happy about the situation either. They claim that the bank is going to make changes soon but has had a lot on their plate lately. Their customer service is absolutely horrendous! Has anyone else run into anything similar? Thanks for letting me vent. As you can imagine, there's a lot more to this story but that's all I'm going to say for now.
Comments(0)