Is anyone still using Bank of America or Wells Fargo?
Very good post!
After several bad experiences, I'm questioning if this is normal, or is it just our market?
First example:
A buyer was using Bank of America, had a prequal. The contract was written on a property, with a 17 day loan contingency removal. (which we knew was tight to begin with) B of A never even ordered the appraisal in the 17 days! When asked, they said, they didn't realize there was a loan contingency on the contract. (Did they not read the contract?) They could not do an actual appriasal for another 7 days. I advised the buyer to double app with a local broker lender. We're due to close on Friday with the new local lender. Guess what? The buyers STILL have not heard anything back from B of A regarding the other application.
Second Example:
Buyers are using Wells Fargo. For the past two weeks, we've been told DAILY from the loan officer, "Docs are due out today." Of course the day ends, and no docs. We have had to reschedule the moving van now 4 times because we still haven't gotten docs out of Wells Fargo. Their excuse? "We're really busy and short staffed." Well, you're 17 days past the contract date.... does that mean anything to them? We had to esculate this up to a manger's level. And we're still told we have to wait 24 hours for a response. Had I had the foresight 2 weeks ago, I would have also insisted that the buyer double app with a local broker. At this point, I think I may still require that, and chances are, we'll close before Wells Fargo can get loan docs out.
These are only two examples of what is going on whenever these two banks are involved with transactions lately. So my question is, does ANYONE have success with these? And what is the incentive for even using these banks anymore? I"m tempted to require all buyers to double app with a local lender if they have a prequalification with Bank of America or Wells Fargo. What ever happened to customer service?
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