I have been working with Bank of America on a home loan since July 5th.  I first started this process a year ago and at that time was not able to qualify for the loan I wanted.  Now, a year later I have a prequalification from Bank of America and I started looking around at houses.  I found the house I wanted and asked my loan officer to start the process, this was July 5th.

I was dealing with one officer who had to trade my file off to his supervisor due to family issues he has to deal with back East.  The supervisor he gave me to was very efficient I felt at first.  We started emailing back and forth all of the details that would be needed to complete this transaction.  After about 65 emails back and forth to my Bank of America Loan Officer I still am not closed on this loan which was supposed to have closed on August 12, 2011.  Today is August 22, 2011.  I have had to reschedule the moving company twice and have had to hold off on moving out my rental and closing my lease twice as well.  Everything is hinging on Bank of America that seems to be dragging their feet or dropping the ball. 

I just emailed on the status of my loan and was told that the processor would have a better idea, the processor?  Do you mean the same lady that couldn’t figure out the math on Friday to tell me why they needed to count a $610.00 amount against me for the appraisal although it was already deducted from my bank account?  Great!  I can’t wait to hear from her, fact is I never will hear from her since she is as incompetent as they come.  She told me Friday she isn’t sure why we have to count the $610.00 again but that I had just better sign the form regarding it anyway since I would have to in the end either way.  Wow!  Just sign something that makes no sense and that I can not even explain to you!  I was asked from many things through this process among some of the most idiotic was a letter stating why my father who was gifting me the down payment monies had a different last name than I did.  This question came on the second signing date!  Also asked at the last minute on that day was a letter proving my income.  Seems like in order to get this far BofA would have made sure I could afford the loan before involving so many officers of their organization in this loan.  I was also asked to write a letter just stating that an account was on my credit file and I didn’t know why because it shouldn’t be.  They said they realized the account no longer counts against me but they just wanted in writing me stating that I did not know why it was still on there….DUH!  More to come on this story, stay tuned….Ok, I had some time to process all of this and wanted to make sure that I had all of my facts totally in order now I can give you a timeline on my home loan process with Bank of America!

Late June-Decided to apply to BofA for a home loan since I was told one year earlier that I didn’t qualify and what would be needed to qualify and I had now met all of the previously explained criteria.

7/1-Letter of Approval from my loan officer David Earles-YAY ME!

7/8-Turned in paperwork to start the process on a home that I had decided on, gave tax papers for past two years, pay stubs, child support information (for income verification), also with all of the other typical pertinent info needed to apply for a loan-all normal so far…

7/21-David has family emergency and passes my file off to his Supervisor Per (pronounced “pear”)Moerkeseth-David informs Per that it will be a short closing date of August 12, 2011-ok fine, people have things come up no big deal.

7/22-Per sends me some emails about needing a Purchase/Sale Agreement resigned since I was buying from flippers and the date was wrong on the first document according to a mandatory FHA waiting period-ok, fine enough-resigned the document and sent back immediately

7/22-Emailed Per regarding cost of Appraisal-he emails me back with the info I had requested-everything still good…

7/25-Per asked me for a letter surrounding my BK (bankruptcy) and why it had occurred and why I would not have that circumstance again etc.-wrote letter sent right away…

7/27-Per asks me to send 2 most recent pay stubs and court papers for child support proof as well as a letter explaining why I had 3 credit inquiries on my credit recently (past 6 months)-k wrote letter, sent fax of proof of income as needed-done!

7/27-Per requests letter stating why the 3 addresses appear on my credit report ie; did I live there, are they correct etc.-k wrote, sent, done!

7/27-I start to get anxious and want to know how this process works since it is my first home purchase…Per emails back with an outline of the steps that will be taken from here they are as follows: Underwriter scrubs file and adds any additional requests they may have, I will be mailed out a disclosure packet which I will need to sign and send back or hand deliver to Per’s office, Also the appraisal will need to be done on a rush Per says since the closing date is fast approaching.-satisfied with this info I sit back and wait for something to come in the mail or to hear more via email.

8/3-I email Per for a status: appraisal got done Monday and we should have the report by Friday, the underwriter is reviewing my file-I start to think things are taking too long since the underwriter had my file as far as I knew as of 7/27 now 5 days have passed…

8/4-Get disclosure packet in mail, take it to Per’s office to sign with Andrea-feeling pretty confident cause Per tells me that even though he won’t be there Andrea will be able to answer any questions I may have

8/4-Get to Per’s office and witness Andrea and a Red headed lady speaking very ill of another customer’s ability to understand and complete necessary steps in the loan process. Not sure if this person they were badmouthing was internal or external but sounded kinda like an employee-they were emailing back and forth and saying that some deadline wouldn’t be met since this person couldn’t “get their act together basically”-I should have asked if the name was Kimmie cause that’s who seemed to cause all of my soon to come headaches-I asked Andrea a question about PMI and she misinformed me, she also told me that one form meant exactly the opposite of what it really meant, I re-read it and questioned her again and then she agreed with me.  Good thing I didn’t have any questions for real cause this girl would have no idea of the real answers.

8/4-In the afternoon-Kimmie (Oh God, here we go…..ugh!) emails me to introduce herself as the loan processor for my loan and tells me that I should be getting the documents in the mail and I should have them by now.  Also tell me that appraisal has been ordered and will be completed anydaynow..If you’ll notice Kimmie is 24 hours behind here and will soon fall even farther behind before the end of this transaction-When I asked her what role she plays in my loan process and if I need to talk to her now instead of Per she says simply that she works in unison with Per so I can still field my questions to him and she will be notified as needed.  Uh yeah, did she mean “works in Unisom as in the sleep aid?  Cause she was pretty much asleep on this file until Per lit a fire under ass and spoke with her manager from what I can tell.

8/8-Appraisal came back and they say the heaters do not work in the living room so they will have to do a recheck after the sellers take a look at the issue

8/8-Was told in error that underwriter was finished reviewing file (Per informs me later that he spoke too soon on this) Per explains he needs to now scrub the conditions that underwriter has put on file and it can not be done in time to make Friday’s close

8/9-Per tells me he is working with the underwriter as they are concerned with my discharged bankruptcy and a paid tax lien, Per says he will need a letter explaining what the lien was for and when it was paid etc.-written and emailed per a response

8/12-(Original Closing Date)-Per’s computer breaks and he apologizes that things are taking longer than expected.  He says another computer is on the way.  Per asks processor for an updated HUD since now the numbers he is getting from processor do not make sense to him either.  Per gets the ball rolling withshowing processor her error by double checking fees, charges in comparison to GFE (Good Faith Estimate)

8/12-Per notifies me that he is now working with underwriter on the credit piece of the file  and will keep me updated

8/15-Per emails letting me know that the HUD settlement fees issue has been resolved and is now behind us.  He says he is now reaching out to underwriter and the manager over there to get a status on this loan-at this point I am steaming angry and I threaten to remove my business from BofA due to all of this mess

8/15-Per asks me for info about a collection that was included in my bankruptcy and should no longer be counted against me, he says the other group (underwriter or processor) needs this info.  He also asks me about writing yet another letter regarding the tax lien-I write the letter, and address the collection concern

8/15-Per makes contact with the seller on my behalf and lets them know that it is not my fault that this process is taking so long but that there are some hiccups within the bank that he is trying to get worked out

8/16-Per says he’s working on getting me a lower rate 3.125 asks me for the trustee info for my bankruptcy because they need on time payment proof, I give him a statement of payments that I obtain from trustee same day

8/17-Per quotes me a 3.125 rate on a 7/1 Adjustable Rate Mortgage and says will send over amortization soon 

8/17-Per asks me and my father to sign a gift letter, we sign it and send it back within hours of the request

8/17-(5 days after original close date) Underwriter tells Per they need a letter surrounding my last name and why it is different from my father’s (this item makes me irate since I can not see the need for this explanation) I write the letter anyway and send it right over; he also asks me to write a letter explaining why my income went down for a short period of time in 2009-2010-I cancel my movers again and let my landlord know my move out date had changed AGAIN!

8/17-Today I hear that the processor has been trying to contact my landlord to verify rent amount-I call my landlord and have them call Bank of America directly to get this straightened out

8/17-Per says now they need a copy of the cancelled check from my Dad’s bank showing that he gave me the gift for the down payment, I get the copy of the check to Per by morning

8/18-I email Per for a status-Per says he is having to argue items already cleared up and explained previously to processor and underwriter, and having to resend items that they already had received

8/18-Per emails me letting me know that pricing denied his already quoted rate to me of 3.125% and tells him that it doesn’t exist when another rep in that department told him it did in certain circumstances for example if paid down etc.

8/18-Per asks me to to write another letter explaining the tax lien that I have already written 2 letters about, also says that they need another copy of my gift letter cause the one that was faxed is too blurry to use, also requests a copy of the cancelled check used for earnest money since that was part of the gift for down payment as well-I send all of this to Per immediately-I am then asked to provide a history of on time child support payments to me, I provide this as well

8/19-Now I am asked to write a letter on another collection ALSO included in my bankruptcy that should not be on my credit report but is, I need to write a letter saying that it shouldn’t be there and I don’t know why it is-OMG!

8/19-Per emails me that “Kimmie is working feverishly to get things finished up and that we will not make signing today either, I reschedule movers and move out date AGAIN! Now I have to pay for another month’s rent so I am out $1350.00 and my reputation with my moving company that happens to be friends of our family-very embarrassing

8/19 3:45 Kimmiecalls me to let me know that she needs a different gift letter signed by my father and myself because the original letter did not include monies for the appraisal, I tell her that my dad paid the appraisal because he owed me some money from before and that it was not a gift therefore no need to resign anything, Kimmie gets VERY confused and stutters, “I’ll have to go re run the numbers on this because even though the appraisal has been paid we still need to count the amount of it against you again”  when I ask why she needs to count something against me that is already paid and has cleared my account a week prior she says she doesn’t know but she is going to lookinto it and call me back but I need to sign the other gift letter anyway while she researches it!  I yell at Kimmieand tell her I am not signing anything else and that she’d better figure it out and call me back……I never hear from Kimmie again, not today or anyday-NEVER again do I speak with her(great follow through Kimmie!)

8/19-Per works with me until 6pm trying to get the NEW gift letter signed and sent back-ALL of my family tells me to leave Bank of America over this transaction but I stick in there and on Monday…..

8/22-Per calls me to tell me that EVERYTHING is done and that I should be hearing soon from escrow…830am escrow calls and at 8:42am Per calls to let me know that I will sign today and he’s so so so sorry for everything, I thank Per and then wait for escrow’s call.

I would like to commend Per for all of his assistance and persistence as well as diligence on this file, if not for Per I never would have gotten through this.  He needs an additional day off or bonus or a lunch bought for him compliments of BofA-he did a great job-Thank you Per!

I still have my accounts with Bank of America and I did FINALLY get my mortgage and we are now in our new house but it was such an ordeal and I am still recovering from the stress.  I feel Bank of America owes me at least the $1350.00 that I am stuck paying my old landlord for rent since we didn’t close on time and I was unable to give appropriate notice to avoid charges for September.  I anxiously await a Bank of America representative’s phone call to resolve this situation.

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