Counselor has Poor Communication & is Making Errors (Under Contract)

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    I am in the middle of a contract and my counselor said that BOA is out of funds for my area and my property approval was based on me getting the reduced rate. Without it it will require more buy-down than I can afford based on my current qualification. I was supposed to get an qualification increase last week and I met with my counselor who assessed my file and acted as if everything was ok, but who failed to submit me for one. Now my file is being submitted for credit access. The loan estimate she sent makes 0 mathematical sense, I strongly believe she entered false data. I sent her the actual annual tax for the property and she proceeded to use incorrect data.I am better with numbers than she is and there’s no way I can get my property without an increase. Can you get an increase in the middle of a credit access. I have already had the inspection, which was almost $500. I dont want to get into it too much but my counselor has been sabotaging me every step of the way. She has helped me with nothing! She will schedule a meeting, I show up she clicks away for a couple hours and gets nothing done. She seems somewhat nice on the surface but shes either really bad at her job or sabotaging me on purpose. I had to go to ATD events and get help from other counselors(PSLetters) because she refuses to help. One of my friends also has this counselor and is also having issues. Her mistakes are looking like they will cost me 15k or even the property because at my approval amount the bank can deny me. I need help, is it too late for me?


    All counselors will always have relatively poor communication. Their job first and foremost is to work files. They will only give updates if the underwriters respond. They will not be proactive, they just have too many clients.

    I have never heard of a bank being out of funds unless you are referring to a grant. That is pretty common. Most grants come from a pool of charitable monies and don’t get replenished mid year. It is always ideal for any grant to apply at the beginning of the year. Some grants run out in weeks. There was an article this week about a county in long island offering 14k for down payments but only for 20 applicants.

    Your loan estimate will always look funny. It will never take down payment or interest rate buy downs into account. You will get 3 documents like this over the course of your contract and the only one with the right numbers will be your final closing disclosure which is received sometimes just hours before closing. The loan estimate the closing disclosure and the final closing disclosure are all created from the same template. Your MC also has absolutely nothing to do with any of these and probably has no knowledge of them until they are received from the underwriters. They are drafted solely by bank of America.

    You can only get an increase by increasing your income or decreasing your debt. If you do this at any point you will have to be resubmitted for qualification. Being under contract will cause a delay and potentially put the sale at risk. If you have an understanding seller it won’t be a problem. If your MC didn’t submit your file for an increase she probably doesn’t see a change in your finances. This should have been explained by her. Your MC also is supposed to use the tax data your listing agent sends over. If you send data over they will just default to what your agent sent. Hopefully this helps you out.


    Sorry this is happening to you. One thing I’ve learned here is to not be afraid to escalate to a regional director. Don’t be afraid to voice concerns to higher ups.

    Are you referring to the new 1% discount rate? What region are you in?


    My very first loan estimate that I received by email where I had to accept was incorrect rate. The other one that I got in the mail from BOA was the correct interest rate. I also received a copy of the bank app in the mail and the interest rate was on there.

    Actually if your in credit access you wouldn’t have received these docs. Once signing the bank app from there. The interest rate was correct.


    @Frankysmom I am also interested to know if they were referring to the 1% discount rate and what area they are in, as I am really hoping on getting that as well.


    Hi Nelson T,
    I was referring to the Bank of America Grant.I never got the 31% of my gross income because I was still doing a 6 month payment shock, they averaged my old & new income and gave me 2k. My payment shock now is at 2250. I averaged a 2600 payment shock over the last 3 months. I make 90k and have only 160 in debt obligations monthly. I asked my counselor for one, we had a meeting , she said everything looked good. 1 week later. I find out she did absolutely nothing. She literally has done nothing for me, other counselors have been stepping in every step of the way. Without them I still would be awaiting approval. Without the increase I would have to do a ridiculous buy down which shouldn’t be necessary based on my income and savings. I saved over 13k in 6 months and have over a yr of mortgage payments in the bank. My realtor scheduled the closing for around 35 days luckily, so I have 27 days left and I already had an inspection. I am contemplating contacting the regional director. My brother also went through a lot with his counselor when he went through the NACA and resolved it with by going up the chain.


    Hello @RichStalwart15 if I may ask, what Bank of America grant are you referring to? And what area do you live in? I’m asking because I have inquired about some BOA grants and can’t seem to get a clear answer regarding them. I’m so sorry to hear that you are running into these issues. It has been hard for me as well to get responses from my MC and CC. I am hopefully closing on new construction in October and am keeping my fingers crossed that everything goes well.


    Just be aware a 35 day contract may need to be extended. Realistically you are looking at 60 days if there are no delays such as conditions repairs ATD events or holidays. The naca 28 day to close timeline technically doesn’t start until you submit your bank app which may be a couple weeks from now. Boa I think also has an internal timeline of 18 business days from bank app approval to closing disclosure.

    One thing I have found out is boa flips the script. Normally a contract deadline is legally binding and everyone does what they can to meet it. Boa uses the deadline as a guideline and they tell you when they are ready to close.


    Hello @DCL822,

    Hopefully you can see the following link
    BOA Grant

    There is/(was)a Bank of America grant giving individuals under 80% of the median income in their respective areas a interest rate reduction of 1%. the only caveat is that you can only buy down to 1.25. There’s only a certain amount of funds allocated for each approved area. When it runs out, your’e out of lock. My counselor said the funds have been depleted for my area, you may have to check with your local counselors for more information.


    WOW! my property is a new construction, there’s only minor fixes that need to be done that the seller has already agreed to. I cannot comprehend why it would take so long to close. My brother also went through naca and it took about 40 days for him. I guess time will tell. I’d be shocked and quite disappointed, if my closing date went from Sept 20 to October 15.The only positive is that I would be able to save more money up until then I guess.


    Boa takes their time for all mortgages even non naca clients. Part of the reason is the large influx of naca clients due to more naca clients than ever before from aggressive advertising and Citi no longer being in the mortgage industry. Boa now has more than double close to triple the amount of naca clients than they did last year.

    Naca now has more clients than they have counselors for and boa has more clients than they have underwriters for.

    • This reply was modified 6 months ago by Nelsont.

    Thanks for the information @Nelsont,

    Hopefully my seller is understanding. I’m waiting for BOA to approve me, so that I can start the actual application and do my appraisal. I hope they find it in their hearts to give me the grant I was initially approved for(fingers crossed)


    @RichStalwart15 Thank you for your response. I was not eligible for the new 1% grant because I was already under contract when NACA rolled out the new grant program in June. So I was told only new contracts could use it. Very interesting though that for that 1% grant, there are only a certain amount of funds for it and some are running out.

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