On or around June 11th, 2011 we applied for a refi loan via Bank of America Home Loans of Arizona. Per our phone conversation which took over an hour, the loan officer said that we were pre-approved with the information given and that we would receive our loan packet information in the mail sometime that same week. Within 2 days of our phone call I received a call from the title company and the home appraisal company. I was very pleased to see the ball rolling in the right direction and so very quickly. The paperwork didn't actually arrive until 10 days after the initial phone call.
The application and other needed papers were faxed within 2 weeks of receiving them due to some confusion as to what was needed but was done within 2 weeks of receiving it making it the first of July.
2 weeks went by without hearing anything back from Bank of America so we phoned. The paperwork had been received but was sitting on the processor's desk for 2 weeks due to her being on vacation and the loan officer hadn't been told. So another 2 weeks went by and still no communication from Bank of America so we called,again. The processor needed some more information from us so we wrote down what was needed and faxed it within 2 days of receiving the information. We waited again for at least a week before we called and this time we had to leave voice messages because our loan officer was now on vacation and we weren't told nor was anyone one else because by the time he returned someone within the company cancelled our loan stating that we didn't communicate to them that we wanted to go through with the process........say what? No communication was ever sent to us via mail, phone, nor internet via email, so we have no idea how they came to that conclusion since they received all our faxes, and we were phoning regularly.
We expected the loan to close in late August to say the least. We kept being told that the processor had to get it to the underwriter who would review it and let us know what and if she needed anything. Anything they asked for we faxed within the same day or possibly the next due to when we were notified and used our local Bank of America's fax so it was a secure line.
By October we were told that everything was "Fine" per the underwriter and that we would be moving forward and get a nice cash out soon.
In November we had to redo the entire loan process due to lack of an extention, which could have been done to the application, so we filled out another application, paid for another appraisal at BofA's request, and had another credit report run. Same story....no communication except that everything was received, looked good, and that they were backed up 60-90 days with contracts.
By December 3rd 2011, we made it past the underwriter( to our amazement) and the file was sent to fullfillment for which we were told it would be another 60-90 days.
Jaunuary 3, 2012 we receive an email stating that now they need another credit report because the one they ran in November expired. That is their own fault and I am saying NO to that!! They have 2!!
Needless to say this company cannot handle contracts appropriately or in a timely manner. Our plans to refi our home to save money, and yes get a cash out to pay off bills, build a savings, and put more home equity is in shambles. Our kids didn't get a Christmas due to the fact that we couldn't pay off some expenses and build up a savings to pay cash for Christmas. While this corporate giant enjoyed first class holiday festivites we had long faces and a lot of disappointment. The IRS really needs to get on this company for the mis-handling of contracts, lack of communication within the company and with their supposed clients. We still want our loan....yes, we have already invested money in this to take a loss and go somewhere else. It should never take more than 60-90 days to process a loan application. This is the most ridiculous company I have ever delt with. I'm glad we weren't trying to buy a house or we would be homeless by now with all the mismanagement by BofA.