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Having Touble with BofA Underwriting Department and I want to Scream!!

By Valorie Stover, Realtor for Casta del Sol

Real Estate Agent with Casta del Sol Real Estate / HomeSmart Everygreen Realty 01439520

June 09, 2011 03:01 PM

This is a ranting post! If you don't want to read it, just pass over my post!

Trying to close a short sale with BofA and buyers are getting their loan from BofA. I want to scream! The short sale was doing pretty good, only 6 weeks to approval! That was what I expected. Now for getting the buyers loan from them has been a nightmare! Both sides of the transaction have jumped though hoops and the underwriter has had the file for 2 weeks. they keep coming up with new papers that they want, we get it for them it goes back to underwriting and they want something else. This has happened 6 times, count them 6 times!!

The short sale negotiator says no more extensions! They both work for the same bank just TALK to each other and we could solve this. The house will be foreclosed on, if this doesn't make it though escrow and close.

As Karen Fidder said in her post about banks and short sales "THEY JUST DON'T CARE" and they should.

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Maria Morton

Platinum Realty - Kansas City, MO

Kansas City Real Estate 816-560-3758

Valorie, I feel your pain. Bank of America is one of the worst banks to deal with.

Jun 09, 2011 03:04 PM

Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Valorie - I hate BofA short sales almost as much as I hate Wells Fargo short sales. As for BofA mortgage division talking to BofA short sale division - will never happen!

Jun 09, 2011 03:07 PM

Larry Bettag

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL

Vice-President of National Production

Val....I would take this off of members only. They need to know and perhaps they'll respond. I've taken a number of SLAM DUNK DEALS from B of A. We just had a slam dunk deal that they had for two and a half months....with NOTHING! We took the deal and closed it in 7 days....They stink! If you need a referral, I'll give you one....but in the event you don't....I'd still make this public. They need to know!

Jun 09, 2011 03:09 PM

Valorie Stover, Realtor for Casta del Sol

Casta del Sol Real Estate / HomeSmart Everygreen Realty - Mission Viejo, CA

Mission Viejo,CA, Active Adult Community!

Maria, My poor clients are in so much pain and I wish I could do more for them.

Donne, I know it will never happen because that would make since! :)

Thanks larry, I'll do that! I had a couple of short sales that were a piece of cake and some bad ones but this isn't the short sale department that is making me scream!

Jun 09, 2011 03:22 PM

Robert Amato

Bob Amato of Empire Home Mortgage Inc - East Meadow, NY

Here on The Island Of Long in NY, local municipalities have pulled their savings and checking accounts from lenders who will not move shortsales along at a quick pace. Sometimes the closed accounts are millions of dollars. This is the only thing the lenders understand.......$$$$$$$

Jun 09, 2011 03:23 PM

Allison Stewart

St.Cloud Homes - Saint Cloud, FL

St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

The problem is Loan Origination is on one side & Short Sales are on the other. They are apples and oranges. While it is absolutely true the departments do not interact, are not in the same geographic region and are disconnected from the real world in every aspect-the real trick comes from learning how to homongenize them in a "smoothie" of a transaction. When you do this full time (As I do) you learn what the underwriter is most likely to ask for and have it prepared in advanced. Take from each experience the list of what they wanted and keep building upon it. As for your clients- just do your best to keep them positive-the savings outweigh the inconvenience.

Jun 09, 2011 11:47 PM

Bob, I wish more people would be involved in teaching the banks that they need us.

St. Cloud, I agree that the departments don't interact with each other and JUST maybe that's their problem. I do work full time at real estate and have for 48 years. I have more experience then the short sale negotiator, loan officer and the underwriter put together, do. I read some where here in the last couiple of days a remark that is most likely true " the banks don't put their smartest workers in a department that is loosing them money". The underwriter is the problem because she doesn't know what her requirements are. She should have a list and say I need this, this and this period not keep sending it back asking for ONE thing at a time, SIX times in 2 weeks!!!!

Jun 10, 2011 03:26 AM

Anonymous

Vershaun Jones

Val,

I am going through the same thing right now. I am the buyer and Agent on my FHA 203K loan with Bank of America. I have given them everything piece of paper I have except my birth certificate which I will be sending in just incase they might need it. I'm told by the processor this process takes 60 days. They have had my file for 70+ days. There were final review conditions. I sent in all the information and was told only that portion will be reviewed since everything else was clear. Well the decided to review eveything again and ask for documents that were sent about 5-6 times. I have received my LAST extension from the seller and I'm currently waiting for Underwriting again to come back with either a clear to close or more conditions. This is the worst. Bank of America is absolutely the worst and my next call will be to my Lawyer.

There needs to be a number to call and complain and/or buyers need to be able to speak with the Underwriter. Lastly the Underwriters need to be better trained and the processor need to learn how NOT to lose documents.

Good Luck with your deal.

Jul 29, 2011 04:33 AM

Having Touble with BofA Underwriting Department and I want to Scream!!

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Valorie Stover, Realtor for Casta del Sol

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