Bank of America Mortgage Reviews

Mortgage and Entirety of Company. My husband and I have been dealing with my father's accounts at Bank of America (BOA) since he died a year ago. The first department that was notified of his death was the mortgage department. My husband and I have been paying on the loan since he passed. We have been into branches and the branch called and we have called directly; every time we speak with someone from the BOA side the account does not show that my dad is dead nor who the executor is for the account. We have sent his death certificate and executor papers to BOA mortgage and numerous other departments (because departments do not share documents) and we have to send them again because the information is still not showing on the mortgage account.

I received a letter from BOA stating that I'm a valued customer and I decided to apply for a HELOC loan. I don't feel valued rather devalued, it turned out to be a long and tedious process, I withdrew my application and don’t recommend BOA to consumers.

Made appt Indianapolis Zionsville. Met w/ loan officer mrO. To get insight & info on mortgage loan. After going through numerous Q& A He was very rude disrespectful. Called me Angry! I ignored the ignorant remark. Which made my blood pressure spike high. That has still affected mentally. I continued the process. He tried to undermine answers I was given him In reference to mortgage insight. Without even doing the application. I had a feeling He already seem to be stipulating I wouldn’t be approved!? Daughter & I was constantly correcting & misspellings info he was inputting on. Shared screen! He was very irritating @ this point. End results We got up & left.

I have been trying to reach a human in the Lien Release Dept. I was told they don't have phones. I was given a phone number to call but it doesn't take me to that Department. I had to result in contacting the CFPB to hopefully get some sort of resolution.

BOA wasted our time & effort in trying to get a HELOC, by requesting hundreds of pages of documents sent to them, and many were irrelevant. Then they wanted more papers, and then still more. They were never satisfied. We Finally gave up, when we realized they never intended to give us a HELOC, in the first place. Being out of debt, with a good income, & 820 credit score didn't matter to them. Maybe they only want all your information. Don't let them waste your time, & steal your info.

I applied for a home-equity line of credit in late January, and after 3 1/2 months of providing documentation, pay slips, explanations, tax returns, corporate information, and ALL of my personal information, …. I was told that my loan was denied! 3 1/2 months!!! Could somebody have made a decision earlier? They certainly dropped the ball and nobody was man or woman enough to apologize. They said they were trying, that was not true. They are liars, inexperienced, and even discriminatory. This happened at the Coral Gables, Florida branch. I actually worked at Nations Bank 30 years ago and I know the banking system well. What they did to me was outright harassing, and I am an educated professional with over 40 years experience. SHAME ON BOFA!

I applied for a HELOC on 5/12/2023 (application completed and email with facts sent to BOA Processing POC on this date). Processing did everything they could to get me to closing by 6/23/2023.. Underwriting, however did not do their job. I applied for a HELOC to use funds to purchase an investment property and I identified this in my application and my email dated 5/12/2023. I spent hours providing BOA all documents in a rush thinking that BOA would do their due diligence and preliminary review the documents. Underwriting came back 2 1/2 weeks ago and said BOA can only loan me ** not **K, no problem I said. Based on this requirement I sold stocks to make up the 20K difference, On Wed June 21, BOA asked for the following info: Outstanding loan info (provided already 5/24), proof property I previously owned had been sold 2 years ago (settlement sheet provided with BOA deposit of profit).

X2 Modification, Improperly crediting processing monthly payments. Took 6 weeks payment. Went into unapplied. Refuse to fix errors override, reverse credit. Not disclosing balance on escrow. Each month escrow statements miss payments.

I wish I could say my experience was good but it was not. I started the process March 8, 2023. Told the loan agent I had a hard close date of April 21st - today is April 17th and I was out in a loan I didn't qualify for - when I asked to expedite the application on 4/13 because I was one week away from needing to close was told I wasn't the their only customer. I was told my closing costs were going to $1900 and budgeted around it. On April 17th at 10:21 PM I received an email stating was told I needed $6608.00 liquid assets in my account the next morning as the VP told his team not to review my file until the entire $6608 was in my account.

Applying for a HELOC was supposed to be simple and fast. (They said.) Instead it took weeks to compile the needed information, they kept on asking for more, and then they used a outmoded formula to calculate your income which came out to be $8000 less than my actual monthly income. When questioned "how'd you get to their figure" they used a formula that to have equaled my monthly income I would have had to have a $3,600,000 "nest egg" to qualify for a $100.000 home equity loan, on a home "they say" has currently $300,000 in equity!!! Absolutely Absurd and Not Worth Your While!!!