Bank of America is making life hard for a GREAT borrower. Ok…I know the guidelines have tightened …a lot…but here is a maddening story about a GREAT client I am working with.
Ms. N… I will call her… went into visit with her personal banker over six weeks ago. She has all three credit scores in the 800’s. She has a very considerable amount of savings…well in excess of the 20% she was planning on putting down on her new home purchase. At that first meeting she discussed her employment situation as we had talked about that possibly being an issue as she has been self employed for less than two years. She was told that it was likely she may have an issue if she went with a Broker…but as a Banker they have a program that would work for her.
I’ll bet you can already see where this is going…right? 😉
So we found a modestly priced home at $115K and entered into an agreement with the seller…YES…this was one of the what has become rare in our market…homes owned by a real person… not having to deal with a short sale or a bank. I was doing a HAPPY DANCE for a “real deal”!
This transaction moved along smoothly and Ms. N continued to touch base with her Banker at least weekly and we were assured that all was well. I also called the 1-800 number several times (the REAL LIFE loan officer never personally answered my e-mails or returned my calls)…but I was assured that the file was complete…appraisal was in and they were not waiting for anything.
This transaction was scheduled to close this Friday. Tuesday both my client and I relentlessly called and e-mailed trying to get an idea when we could expect docs to be at title. FINALLY…yesterday, Ms. N’s personal Banker called his supervisor who eventually informed us they were denying the loan due to her employment situation.
It is NOT the loan denial we are MAD about….it is the unprofessional manner in which they handled the situation. We were hesitant about the employment issue FROM DAY ONE!! Why did it take six weeks and the 11th hour for B of A to deny the loan?
Who does this effect?…all of us….
Mainly the buyer and the seller (who have both spent money upfront to make this deal work)…the listing agent & the title company who have both done a great job and deserve to be paid…as do I!
Don’t the Banks have a bad enough PR issues without continuing to do things like this? Can’t they just do their jobs UPFRONT? I am not even a loan officer and I was concerned about the employment situation BEFORE we even started looking for a home. Why drag us along like this? AGhhhhhhhhhhhhhhhhhhhhh!!!!!