Bank of America Mortgage Rates

ZERO stars for BofA Qualified Assumption Department

Apparently they allocate six months to approve a qualified assumption, which is essentially just removing one name from a jointly held mortgage.

This has been ongoing since the beginning of April. The agent working on my request is on extended leave. Her manager is on extended leave. His "backup" is out of office until next week. No one takes accountability to see it through to the end.

"It's with Underwriting" is the go-to excuse for the delay. I have already been told I'm approved but "with conditions," which I then quickly satisfied. Now it's back "with underwriting" again, and today I was told by a live agent that "Underwriting is only two people and it's a manual process. They can take as long as they want, and technically, we are still within our 90-180 day window of approval." The agent expected that I would just accept this is how it is. He went so far as to say, "Underwriting may even come back after all this time and still want more information. That's just how it is!" He told me he will "file a complaint." I can already tell that's going nowhere fast!

I requested the name of the senior manager who heads the department and was told they "cannot provide that information," and that "there is no escalation in the Qualified Assumptions Department!" How is that possible in any institution, let alone a corporate bank? There is always an escalation point!

Awful process and worse customer experience from a reputable institution! It is disappointing that I will need to choose a new institution when financing my next home within the next 12 months after being a BofA platinum honors member for over 20 years!

I was assigned a loan officer who was not at all interested in helping me acquire a loan. After a week of back and forth, we finally parted ways.

I had a very disappointing experience with Bank of America's loan process, especially with Justin Harada and Danny Mihm. Initially, Mr. Harada assured me that everything was in order after I submitted the required documents. I trusted his word and proceeded with escrow, only to be transferred to Mr. Mihm, who requested additional documents. Despite sending everything requested and being told that "everything looks good," my loan was ultimately declined during the final review.

This entire process was frustrating and stressful, particularly because I was already in escrow. Clear communication and thorough evaluation from the beginning could have prevented this situation. Thankfully, I was able to secure financing through another lender and successfully purchase my home, but this situation could have been avoided with better professionalism and transparency from Bank of America's team.

I regret placing my trust in this process and providing positive feedback early on. My experience has taught me to prioritize transparency and accountability when choosing a lender. I hope Bank of America takes this as an opportunity to improve its communication and customer service practices to ensure that other customers do not face similar setbacks.

Best bank in the world. Been with them for 30 years and will always be with them. They helped me during the worst time of my life and they helped me keep the house I was in when I went through a horrible separation. They have since been the most helpful and committed bank to me and their clients. Thank you, BofA.

Thieves and liars. Bank of America's mortgage unit is unashamed to steal your money. For months, they took my prepayments and claimed I was late, then charged late fees. Do not do business with Bank of America.

Try to get a loan, and they still denied the loan despite all information provided. Very bad for obtaining loans. They discriminate significantly. I do not recommend this bank at all for home loans.

I lost a relative and was the executor. Bank of America has made managing this mortgage very complicated and painful. When calling them, I get transferred between the mortgage, estate, and web teams, but nobody seems to know how to handle any of my requests, and all these transfers cost me hours of my life. They won't allow me to use the web to manage the account, so I need to pay by phone, as if this were the 1990s. They're terrible and I can't wait to end my relationship with them and never do business with them again.

I have no problem with them doing any kind of business with them so far l field really good about having my secondary refinance with them.

We wanted to pay off the mortgage on the home my husband's mother lived in after she passed away. The home is in my husband's name but the mortgage was in her name. Bank of America told him they can't speak to him he has to go through probate to get the name changed to his. So he did that and the name and address on the account was changed to his. After doing that it took three months to get it paid off and to receive the escrow refund. Here's what happened:

1. They gave us the wrong payoff amount.
2. When we received next months mortgage bill instead of a payoff letter I went online and got the correct amount and paid it.
3. We got the letter saying the loan had been paid off and we would get the escrow refund within 20 days.
4. When we didn't get the refund after 30 days I went on line and found it was sent on the 20th day (very last day they had to legally send it)
5. Called them to say we never received the check and they said it was sent to the prior address. It would have been forwarded since we had mail forwarding. They said we had to wait 20 days after the check was sent to get a replacement
6. Waited the proscribed time, called them and they said they'll send the replacement check.
7. My husband didn't trust the person he spoke to so he called the next day and was told there was no record of a replacement check sent and the.y would send it.
8. Two weeks later we got the replacement check with the correct address but with his mother's name on it even though his name was on the account and hers had been removed.
9. Called them and they said we have to go through probate to get the name changed. Told them we already did, please look at the file. Ok she sees it. My husband asks her to verify the address, she reads our correct address back.
10. Two weeks later we received the check with his name on it and our old address (mail was forwarded to our correct address).

I have been with Bank of America for 30+ years. I generally have been happy with their service over the years. However, within the past few years, they have been dropping the ball on the application process of mortgages and/or home equity line of credits I have applied for. Warning: They will waste a lot of your time and will only apologize after doing so. I highly recommend using another bank.