My re-fi actually closed… after 5+ months in process

[UCGal]

Yikes – that sounds like a nightmare, Dave. I refied about the same time, for the same rate – and it went pretty smooth. But I was dealing with HLS, not BofA.

That’s amazing they didn’t even realize they currently held the loan. Idiots.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[davelj]

[quote=contrarian]
Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.”[/quote]

Deja vu all over again. My lock expired the VERY DAY I received the Fed Ex package. Fortunately, I knew the package was coming and I had a notary waiting. But, still… very underhanded.

[quote=contrarian]OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan.[/quote]

This is happening routinely these days.

[quote=contrarian]I’ll bet they get away with it every day.[/quote]

I’m considering suing BofA for the max in small claims court (is it $2,000?) for shits and giggles. My argument would be that their failure to fund my loan in a timely manner (and there are laws related to this sort of thing) cost me money, which it did, as I was paying a higher interest rate for the 3-4 “extra” months that this thing sat out there unfunded. And their motive was that they held the same loan with a higher interest rate and wanted to drag it out as long as possible.

Now, the reality is that they’re mainly incompetent. But I’m pretty sure I can make the case. And I’m kind of curious as to how much effort they’d put into defending it. And if they actually lost… would others do the same? Anyhow, we’ll see. I may not have the time or desire to put into it. On the other hand, I might…

[davelj]

[quote=contrarian]
Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.”[/quote]

Deja vu all over again. My lock expired the VERY DAY I received the Fed Ex package. Fortunately, I knew the package was coming and I had a notary waiting. But, still… very underhanded.

[quote=contrarian]OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan.[/quote]

This is happening routinely these days.

[quote=contrarian]I’ll bet they get away with it every day.[/quote]

I’m considering suing BofA for the max in small claims court (is it $2,000?) for shits and giggles. My argument would be that their failure to fund my loan in a timely manner (and there are laws related to this sort of thing) cost me money, which it did, as I was paying a higher interest rate for the 3-4 “extra” months that this thing sat out there unfunded. And their motive was that they held the same loan with a higher interest rate and wanted to drag it out as long as possible.

Now, the reality is that they’re mainly incompetent. But I’m pretty sure I can make the case. And I’m kind of curious as to how much effort they’d put into defending it. And if they actually lost… would others do the same? Anyhow, we’ll see. I may not have the time or desire to put into it. On the other hand, I might…

[davelj]

[quote=contrarian]
Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.”[/quote]

Deja vu all over again. My lock expired the VERY DAY I received the Fed Ex package. Fortunately, I knew the package was coming and I had a notary waiting. But, still… very underhanded.

[quote=contrarian]OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan.[/quote]

This is happening routinely these days.

[quote=contrarian]I’ll bet they get away with it every day.[/quote]

I’m considering suing BofA for the max in small claims court (is it $2,000?) for shits and giggles. My argument would be that their failure to fund my loan in a timely manner (and there are laws related to this sort of thing) cost me money, which it did, as I was paying a higher interest rate for the 3-4 “extra” months that this thing sat out there unfunded. And their motive was that they held the same loan with a higher interest rate and wanted to drag it out as long as possible.

Now, the reality is that they’re mainly incompetent. But I’m pretty sure I can make the case. And I’m kind of curious as to how much effort they’d put into defending it. And if they actually lost… would others do the same? Anyhow, we’ll see. I may not have the time or desire to put into it. On the other hand, I might…

[davelj]

[quote=contrarian]
Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.”[/quote]

Deja vu all over again. My lock expired the VERY DAY I received the Fed Ex package. Fortunately, I knew the package was coming and I had a notary waiting. But, still… very underhanded.

[quote=contrarian]OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan.[/quote]

This is happening routinely these days.

[quote=contrarian]I’ll bet they get away with it every day.[/quote]

I’m considering suing BofA for the max in small claims court (is it $2,000?) for shits and giggles. My argument would be that their failure to fund my loan in a timely manner (and there are laws related to this sort of thing) cost me money, which it did, as I was paying a higher interest rate for the 3-4 “extra” months that this thing sat out there unfunded. And their motive was that they held the same loan with a higher interest rate and wanted to drag it out as long as possible.

Now, the reality is that they’re mainly incompetent. But I’m pretty sure I can make the case. And I’m kind of curious as to how much effort they’d put into defending it. And if they actually lost… would others do the same? Anyhow, we’ll see. I may not have the time or desire to put into it. On the other hand, I might…

[davelj]

[quote=contrarian]
Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.”[/quote]

Deja vu all over again. My lock expired the VERY DAY I received the Fed Ex package. Fortunately, I knew the package was coming and I had a notary waiting. But, still… very underhanded.

[quote=contrarian]OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan.[/quote]

This is happening routinely these days.

[quote=contrarian]I’ll bet they get away with it every day.[/quote]

I’m considering suing BofA for the max in small claims court (is it $2,000?) for shits and giggles. My argument would be that their failure to fund my loan in a timely manner (and there are laws related to this sort of thing) cost me money, which it did, as I was paying a higher interest rate for the 3-4 “extra” months that this thing sat out there unfunded. And their motive was that they held the same loan with a higher interest rate and wanted to drag it out as long as possible.

Now, the reality is that they’re mainly incompetent. But I’m pretty sure I can make the case. And I’m kind of curious as to how much effort they’d put into defending it. And if they actually lost… would others do the same? Anyhow, we’ll see. I may not have the time or desire to put into it. On the other hand, I might…

[Aecetia]

They deserve to be sued. They are a big part of the problem.

[Aecetia]

They deserve to be sued. They are a big part of the problem.

[Aecetia]

They deserve to be sued. They are a big part of the problem.

[Aecetia]

They deserve to be sued. They are a big part of the problem.

[Author]

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