Beware of Bank of America = the no-loan zone!!!

Profile picture for here4life
Bank of America is unable to deliver the product they advertise.  Their loans take FOREVER to close.  They are dishonest and incompetent.  If you are looking to buy a house, do not use Bank of America.  They just 'bait-n-switched" me on my CLOSING DAY!  Now, I have to find another lender.  Friday, May 29th, in my community several other buyers were experiencing the same difficulty with B of A delivering the loan.  Others experiencing the same?  
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May 31 2009 - US
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Answers (6)

Profile picture for 203K Specialist
Haung,
I can price loans at both and I disagree rates and fees are almost identical...It comes down to the loan officer you are working with....It is always the name on the back of the jersey that makes the difference not the name on the front.  A good loan officer won't work for a lender that can't deliver a good loan product and or rate!
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May 31 2009
Profile picture for Georgia Loans
Post a request on Zillow and if this is a purchase, put in your notes you need to close in 2 weeks. You mentioned several other buyers so I assume you are buying, what is the cost to extend the contract? What state are you in?
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May 31 2009
Profile picture for Naoma Doriguzzi
My husband used to work there and he finally left because of the long turn times on underwriting...by the time he left in February he couldn't close a loan in less than 70 days because of the volume they were producing.  Good bank and good loan officers, just not enough staff to handle the volume I think. 
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May 31 2009
Rate and Fee much better at Citimortgage then BOA.
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May 31 2009
Profile picture for 203K Specialist
it always comes down to the loan officer not the lender.
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May 31 2009
Profile picture for Mr Caveat
well, i have issues with many banks... its noteworthy that BoA now owns cwide and merril... so they are indeed going to have growing pains over the next 2-5 years as they integrate these businesses which seem to have almost nothing to do with eachother... its my belief that mozillo just wanted merril so that they could play accounting games on their taxes

also have heard nothing good about the new "chase bank" although they are spending alot of capital to look high-end their customer service sucks...

also key bank and TILA mortgage group in the northwest have both personally ripped off members of my family...


if you can get in, i have never ever had a complaint with the way i was treated nor the products offered by USAA, but you need military credentials... for that reason i am sure their mortgage lending buisness is slow... VA takes all their buisness!
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May 31 2009
 

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