Thursday, April 8, 2010

The incompetence continues

This is a follow up to the previous blog. Well, where to begin. So we go to closing on Friday and my clients (the sellers) sign their documents. Everything is rosy and then the buyer says he won't sign because BofA got the mortgage insurance wrong. First, we didn't believe him, then, sure enough, they did--and they admitted it! They were trying to charge him mortgage insurance monthly AND annually! The crazy part is, he had corrected them on this 3 TIMES in the past two weeks and they sent it through wrong anyway!!!!!!

Fast forward to Wednesday (yesterday). We get the package again and all the numbers have been changed but appear to be correct. Jenny (the closer) prepares the HUD 1 and sends it for approval. The person at BofA says it is wrong. Jenny asks why. They have a different loan amount in their system than what is on the HUD. It is off by over $4,000!! So Jenny talks to the lady and she says that if Jenny does these few steps, everything will be fine. Jenny does that and the HUD is done. Everyone signs the stuff and the people move in. This morning rolls around and guess what, there is no money in the wire. Jenny calls and BofA says you have to send in the signed HUD first. So she sends it and they are not going to release funds because the number on the HUD and the number in their system does not match!!!! Of course the lady Jenny talked to is off today. Jenny and a new lady go rounds and the buyer calls and goes rounds. Then BofA admits they are wrong. It is a "glitch" in their system. In the meantime, we don't have the money. It is after time for them to send wire transfers. Right now we are at the mercy of BofA to send the wire by noon tomorrow. If they don't we have to re-do EVERYTHING!!!!!!!!!!

How does a place this freakin incompetent stay afloat? I have heard people say will they are overwhelmed or they have a bunch of new people or they are just too big. If any of that is true, then they need to do the right thing and turn down business. They need to acknowledge the fact that they suck and only handle the business they are capable of handling properly. In the meantime, they are screwing up lives. I know that sounds overly dramatic but you know what, your home is a SIGNIFICANT part of your life. For the vast majority of folks it is the LARGEST investment they have and will ever have. I know now that I am going to shy away from clients that finance with BofA. I will highly encourage them to go somewhere that still believes in delivering what they say they will. Somewhere where I can get the same person on the phone and can go look them in the eye if I need to. Too big to fail? How about too big to care, too big to function properly, too big to serve individual people anymore. You have lost your soul BofA.

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