Why is it taking so long for the lender, bank of america, to issue loan documents?Shouldn't I get the HUD statement to review first?Does escrow?

Asked by Timmieng, Los Angeles, CA Tue Oct 25, 2011

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Daniel Lehman, , San Diego County, CA
Tue Oct 25, 2011
Do you want to know the answer to that??

Because BofA is not very good. Think about it. People walk in to BofA all day and get mortgages because they deposit their money there. If they suck at customer service, it doesnt matter because someone else will walk in tomorrow.

I (like many referral based professionals) need to provide excellent customer service TO KEEP GETTING REFERRALS. Sorry for the bluntness, but in my opinion, big banks are horrible.

Yes, you should have your docs, and yes you should have been given a complete explanation of the HUD statement. You probably wont get one though. If when you do get the HUD you want to go over it, I can explain everything to you. It wouldnt make sense for me to do the loan at this point, so there is nothing financially in it for me, but I am here to help regardless, so let me know what I can do in the name of keeping up lendings good name...

Daniel
858-345-4725
Web Reference:  http://www.lehmangrp.com
1 vote
Maureen Bye…, Agent, Oceanside, CA
Wed Oct 26, 2011
Hey, its best ask to speak to your loan processor directly regarding on your loan dox status. Pls ask your escrow officer to give u a copy of your estimated HUD1. Your lender should have given u a estimated GFE. Call Maureen at 760 62 6855 or email maureen@bellrealtygroup.com
Web Reference:  http://www.coastal.biz
0 votes
Cory La Scala, Agent, San Diego, CA
Tue Oct 25, 2011
Daniel hit the nail on the head. Buyers - just because you've been banking somewhere for 20 years, does not mean they care one iota about you or your finances. Some lenders can close FHA and VA loans in a couple of weeks if pressed - because they want your continued business and referrals, they try harder for you. And, most smaller lenders never got caught up in the mortgage mess, so they don't have to reduce their staff to save money. THOSE are the lenders to go with. Have your agent stay on top of them - daily.
0 votes
Paul Rinde, Agent, Menifee, CA
Tue Oct 25, 2011
I recently spoke to the Exec VP of our local B of A branch due to the same issue. I was told that B of A has been going through a transition/ restructure of their SoCal home loan offices and that this transition was the cause of the delay. I was assured that it is only temporary. As a side note my clients escrow was delayed and in good faith B of A picked up the per deim being charged to them.

Good Luck!
0 votes
Lori Williams, Agent, Charlotte, NC
Tue Oct 25, 2011
You should get a HUD to review before you close, but banks seem to be running in at the last minute lately.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Oct 25, 2011
Timmieng,

Wow. I have to agree with Daniel foremost, but definitely request an estimated settlement statement from your loan officer today, and have that person provide you with a best estimate of the timeline for closing. If he/she is not willing to be accountable for the expectations they set, politely request that one of their superiors steps in and puts some responsibility behind their service.

You deserve to have your questions answers because you hired them to do a service for you and you're paying them for it.

Best of luck,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
Tiana Uribe, Agent, San Diego, CA
Tue Oct 25, 2011
Bank of America and other lenders can be very slow at issuing loan documents with lower interest rates and reduced staff, it sometimes can take longer than anticipated. You definitely have access to contacting the escrow company and reviewing the Estimated HUD1 prior to signing loan documents. Your agent or loan officer can also assist in emailing or faxing this information to you. It is still considered an "estimate" until all figures are compiled prior to funding the loan. It will give you a good idea of both your down payment, closing costs and any credits you may have received. You can also discuss it with your loan officer who can breakdown the fees and any questions you may have. Hopefully your rate lock is extended or good through the time delay for the documents. Hope it all works out for you!
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Oct 25, 2011
Timmieng,
Your Loan Officer can provide an updated Good Faith Estimate anytime you want it; the Settlement Statement is a time sensitive document that sets the final (or nearly final) costs based on the final closing date. The lender also sets various fees that Escrow may or may not be aware of. Anything you get prior to docs will be revised once docs are received.
As far as why BoA is taking so long, this isn't new or secret. I'm sorry you’re stuck.
0 votes
John Georges, Agent, San Diego, CA
Tue Oct 25, 2011
It is customary to produce an estimated statement for the borrower within 72 hours of receiving a loan application. If no one is twisting your arm to go with B of A and you would like to remain somewhat in control of your own loan, try www-e-approval.com. Rates and fees beat out B of A and most banks, quick loan approvals and upfront Good faith Estimates.

Best wishes,

John Georges
Mortgage Services of America, Inc.
888-619-4858, ext. 12
0 votes
Sinead McAll…, Agent, Oceanside, CA
Tue Oct 25, 2011
Bank of America is really, really slow right now at issuing docs! They have implemented some new review safeguards which makes the process excruciatingly slow.
You should have a good faith estimate from your lender for review and your escrow officer can use that good faith estimate to send you a preliminary HUD. Some escrow officers are reluctant to show the buyer a HUD before they receive loan docs, because it can change, but if you explain that you understand that, they should be able to assist.

All the questions you have asked recently should be questions to ask your real estate agent, escrow officer and/or loan officer. They work for you so don't hesitate to ask them what is going on! :)

Good Luck!
Sinead McAllister
858-205-5215
brokermcallister@gmail.com
0 votes
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