Bank of America Home Loan Documents

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This topic contains 11 replies, has 6 voices, and was last updated by  JHarris981 1 month, 2 weeks ago.

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  • #41671

    sebryner
    Member

    Hello @ttrumble or anyone else who may know.

    I spoke to my CC today and he said that we have cleared all conditions, which is a good thing. But we received in the mail a large folder from Bank of America with instructions to complete the “Home Loan Document Package”. Some of it seemed like the stuff we signed at the NACA office when we signed our bank application but I am not sure about everything. Our CC said we do not need to sign but our MC basically said he is not sure what it is and to follow instructions provided. One of the forms in the packet was the “Uniform Residential Loan Application” and it requires MC signature as well.

    The other documents were:

    -Borrowers Certification and Authorization Form
    -4506-T request (this is the 3rd request)
    -Notice IRS disclosure
    -Hazard and FLood Insurance Requirements
    -Authorization for Social Security Administration to Release SSN

    There was no real number to call for Bank Of America and when I tried to go to the online portal they referenced I was not able to log in as I don’t have an account number. I tried using the loan number but it found nothing.

    Really just need to know if I need to send this information in. No one from NACA mentioned anything about this to us and it seems strange that there would be required documents from BOA that NACA does not know about.

    Thanks

    #41682

    TTrumble
    Member

    Hello sebryner,

    All of the listed documents are in your NACA file. It appears you were sent the documents by mistake. The “Uniform Residential Loan Application” (a.k.a. 1003 form) is the dead giveaway that somebody at the bank goofed up. Your file would have never gone to the bank without a completed 1003.

    I’m probably being a bit paranoid, but don’t trash the packet just yet. However, I know of no legitimate reason whatsoever for you to have been sent those documents.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #41685

    sebryner
    Member

    Thanks @ttrumble, We signed everything and have it scanned into our computers NACA folder in case we need it suddenly.

    #41713

    TTrumble
    Member

    Smart move! As I always preach, “better twenty pages too many than one too few”. Please keep us updated on your progress!

    #43045

    jcleus200
    Member

    @sebryner What happened to that file did you ever had to send them. @ttrumble the same thing happened to me I received a big package from BoA and it seems I filled out all those paper already at the Credit access. On my webfile I am already C&I Approved. Any idea. I will email my CC and my MC tomorrow as well to see if the can give me in idea.

    #43063

    Cmontgo80
    Member

    @jcleus200 My CC told me that paperwork is just for my records. I did not have to submit it to BOA.

    #43064

    jcleus200
    Member

    @cmontgo80 Thank you for let me know my friend

    #44518

    pmathewr
    Member

    @ttrumble

    I just received, and being a dutiful applicant, followed the instructions in the packet that I received in the mail today even though I, too, thought these were exactly what I did at the office last week.

    What @sebryner has said at the start of this post back in April is exactly what I experienced today.

    Hope my sending them in won’t mess anything up. (I was SO excited – I thought something was happening!)

    #44574

    TTrumble
    Member

    Hello pmathewr,

    Like you, I hope sending in the documents doesn’t mess things up for you, although I’m afraid that there is going to be some confusion before this is over.

    A steadfast rule to remember is that if it doesn’t come from NACA, it’s not about your loan. All loans through NACA and any other non-profit or public assistance organizations are handled through a completely different department than their “normal” mortgage loan applications. I’m afraid that the documents you sent in will go to the wrong deaprtment and will initiate a second mortgage loan application that will have nothing to do whatsoever with the NACA process.

    We saw something very similar during the mortge crisis regarding modifications. Once the scope of the crisis started to become clear, a lot of banks would automatically send out a modification application packet when a mortgage hit 60 days past due. If the homeowner had already come to NACA for help in obtaining a modification, it caused a second modification effort to be started in a completely different department. If you’ve ever wanted to see the ultimate case of “the left hand not knowing what the right hand is doing”, this was it.

    The stress and confusion this caused our members still raises my blood pressure to this day. There were a handful of cases where it may have even cost someone their home unnecessarily. We tried to make it clear to every one of our members that if it doesn’t come from NACA, it’s not about your NACA file. For all intents and purposes, that same rule applies here yet today.

    If you hear directly from anyone at the bank, it’s not going to be about your NACA file, and they have probably erroneously opened a second mortgage application. You need to inquire if their contact with you is about their NACA file (which it won’t be). Our contracts with BOA and Citi state that all communciation with you must go through your NACA file. The only exceptions are the loan Commitment Letter and Closing Disclosure.

    (On a related note, this is essentially the same reason I so steadfastly discourage members from using the CitiMortage site to track their loan application. The status on their website may very well be different than that in your NACA web file. If it’s not in your NACA file yet, it hasn’t officially happened.)

    Think of it this way: If they are communicating with you directly, then we aren’t aware of it, and if we don’t have the complete picture, we can’t work on your behalf accurately.

    Long story short, if the bank communicates with you directly, you need to be insistent that all communcation go through NACA. If they don’t know what you are talking about, you need to be very clear with them that they have almost certainly created a second file at the bank by mistake and get it shut down.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #44577

    pmathewr
    Member

    I always and continue to appreciate your assistance. I also hope that someone in the future searching for this information will find this threat. I do take issue with your statement “If it doesn’t come from NACA, it isn’t about your loan.” You do understand how that is difficult for someone on this end, who was told that he would hear from his CC…a week goes by and nothing, despite repeated emails to the office manager, when he receives actual LOAN DOCUMENTS in the mail? Come on, that’s not reasonable. When the expectations have not been set correctly, it’s fairly easy for someone opening up this packet (which has instructions in it what to do with it) to NOT do them.

    Had I been told, directly, at the signing last week..hey, you might receive this SAME SET OF DOCUMENTS in the mail – don’t do anything with them” then I can understand your point. Without that instruction, and being unable to get a response from anyone, I challenge anyone to behave differently.

    We all should not have to rely on snippets we read on the Forum or information from you, pieced together, to get through this process. Think of all the frustration and time saved, most of all for you!

    In my case, I figured out the loan person’s name and sent her an email directly, stating that while the documents were attached, they had been sent via fax as well – I am going to go with the belief that another loan has not been opened this time.

    I completely understand your point. The last thing I want is to have this messed up at this critical point. Now that I have finally received communication from my CC (I guess that’s who it is – still no introduction nor explanation of who the person is to whom I am responding), I am dutifully responding and providing information as requested.

    I am still very bullish on this product and am telling everyone I can about it. Hell, I had to find my OWN agent and get him NACA-certified because there aren’t any where I live. I have gone the extra mile. Better and timely communication is a continuously-evolving process; it can always, always be better.

    #44580

    pmathewr
    Member

    To round out this discussion:

    I emailed the BofA person:

    Ms. XXXXX,

    I have been informed that I am not, under any circumstances, supposed to communicate with you directly but to let NACA handle everything.

    My apologies to you for putting you in this position. I did not know what I was supposed to do with the loan documents I received, so I followed the instructions inside.

    I do hope that what did not happen, what apparently has happened in the past, is that someone other than you received my paperwork and opened up another loan for me (which would greatly complicate the process).

    Thank you.

    To which she replied, immediately:

    That’s OK.

    I was going to email you and tell you that aren’t allowed to communicate. That’s why I was brief on the communication.

    Have a great day.

    #44581

    JHarris981
    Member

    @pmathewr — kind of too bad you can’t communicate with her. It seems like you found a direct contact who could get things moving and possibly speed up the process. Oh, well…

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