August 11, 2020 at 9:15 pm #71259bigappleloveParticipant
We are thinking about calling BOA ourself tomorrow to get a status update. We are buying new construction and it’s been a week since the did the final appraisal. Where is our CD letter so we can close? Our lease expired and we are now in an air bnb.
August 11, 2020 at 9:45 pm #71262NelsontMember
- This topic was modified 1 month, 2 weeks ago by bigapplelove.
So we as members are not supposed to be contacting boa. I found this out the hard way. Boa technically doesn’t work the naca files. I mean they do but it’s a completely separate division. Boa employees are not allowed to view naca members information. Boa assigns unique loan numbers and the computer system locks them out. The only people who have authorization are the naca sub group located I think in a different state???? This group does not advertise it’s contact information nor does anyone you talk to have the information. The idea is to keep a closed loop so your point of contact remains your MC. So closed in fact you run the risk of the boa naca underwriters asking you to explain a loan request because as far as they’re concerned any contact with boa is for an additional loan. Yikes. Plus I think the rule is 10 days to get the certificate of occupancy?
August 11, 2020 at 9:51 pm #71264bigappleloveParticipant
- This reply was modified 1 month, 2 weeks ago by Nelsont.
@Nelsont thanks I didn’t know that. So will it be like that forever? Even after we close, if we need to contact the bank we won’t be able to? We have to always contact our MC?August 12, 2020 at 5:50 am #71266NelsontMember
I am not sure. I think boa can answer general questions. If you are looking to sell or are having trouble with income I believe you need to go through naca.August 12, 2020 at 5:50 am #71267MartinParticipant
I am closing on the 18th and have a normal BOA checking and savings account, when I logged into my BOA app to look at those accounts yesterday I saw that my mortgage account was pending. I believe therefore that you will be able to manage your mortgage directly thru BOA after you close.August 12, 2020 at 12:51 pm #71277s20Member
@bigapplelove, when you close, mortgage info appears on your bank of America account. If you don’t have one, bank sends an email to create a profile to start. Then, you can see all the details.August 12, 2020 at 5:59 pm #71286TTrumbleMember
All of NACA’s bank applications are processed by a separate department at BOA that handles exclusively NACA applications. Members are not allowed to contact BOA directly during the processing of the application for one simple reason: leaving NACA out of the loop in such a manner violates the contract NACA (or any other mortgage broker) has with BOA and could wind up with us not having some critical information if we have to advocate on your behalf at some point. This in turn could result in scuttling the whole deal.
To be completely upfront about it, the department at BOA is smaller than it should be, which is the reason some loans take so long to turn around. The problem has only gotten worse since Citi dropped out of the mortgage business, resulting in 100% of NACA applications going to BOA. BOA knows this though and is continually looking for new loan processors to join that department. It’s just not the kind of problem that gets fixed quickly since the processing criteria for the NACA department is different than that for the “regular” mortgage processors.
Once the loan is approved and closed, then you can use BOA’s customer service, website, mobile app and so on. The only exception is if there is some sort of issue that affects the loan itself, such as not being able to make a payment. then the support of NACA’s Member Assistance Program (MAP) is another huge advantage to the NACA program. We will work as advocates on your behalf in resolving any problems that pop up so you can get past whatever short-term crisis pops up without worrying about the risk of losing your home.
Online Operations, NACA
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