[quote=HLS]
Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.[/quote]

The APR I ultimately received was the lowest available that I could find from any source. Could I have shaved an additional 1/8 of a point somehow, somewhere? Perhaps. The foolish part was in assuming that BofA was going to handle things in a professional manner.

A “desk worker” at a small local credit union is typically one degree of separation away from the president of the institution. That person has CONSIDERABLY more responsibility and authority over getting a mortgage closed than does some nameless, faceless processor at in the BofA behemoth. Also, most credit unions hold a good bit of the paper they originate on their balance sheets, so the underwriting process is more “personal.”

[quote=HLS]Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.[/quote]

Good to know.

[quote=HLS]And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.[/quote]

This is generically correct. However, in my case, BofA held my previous loan on their balance sheet. They OWNED it. It was not sold after origination. And, in fact, when I first started the re-fi process, the processor actually told me, “Ah, this should be pretty easy since we already hold your current loan.”

[quote=HLS]Shop for the lowest rate and refer to the original post of this thread for what you can expect.[/quote]

I’ll continue to look for the lowest APR next time, but I’m going to a small, local credit union that’s going to hold my loan on their balance sheet.