BOA HARP 2.0 Refinance

[Micki]

I completed the application on March 22. I closed on JUNE 19.

I had difficulty shopping for another lender because my PMI Servicer is American Guaranty (AIG?). I called all of the recommended places on this board and couldn't get anything.

The entire experience with Bank of America was a cluster. First, I received several requests to provide the same information. Second, my status didn't change for two months. I received weekly phone calls with the message that BOA is experiencing a "high volume of applications and that my application would be processed in the order given." The straw was when my loan date was pushed back a month. The Loan Officer didn't see any reason for the holdup and encouraged me to take action. I ended up writing a sternly written letter and cc'ing the world to get some movement.

Well, lo and behold! The loan processor was able to process the paperwork and set a closing date in less than two days. *sarcasm* Miracles do happen. On the closing date, I emailed to inquire about my settlement paper. At that point, BOA learned that the settlement paperwork was wrong and had to be reworked. As a result, the closing had to be pushed back a few days later.

I finally closed last night. I am still waiting for something to go wrong.

Lessons Learned
1. PUSH THEM.
2. Stay on top of them.
3. Don't be afraid to escalate.
4. Document. Document. Document.
5. Understand the loan process. A lot of the issues were uncovered because I pushed for it (i.e. the settlement paper)

20 year loan. 4.10% Interest Rate

[Cat Damiano]

Hi Micki,


Congratulations on finishing up your HARP refi, it is good that going through the process with the inept BofA didn't deter you from your goal and you remained persistent.