Bank of America issues

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Viewing 11 posts - 16 through 26 (of 26 total)
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  • #66706
    KHURT
    Participant

    So have you received an initial disclosure

    #66707
    kb7571
    Participant

    @KHURT yea i received it last week 3/26 and its crawling. Nothing for a week and now 2 back to back conditions. Hopefully I’ll have some news tomorrow smh but nothing happens on Fridays for me.

    #66709
    djcwill09
    Member

    @kb7571 we got our initial disclosure in November with an estimated close of 3/20. I knew we wouldn’t hit that date since the townhome wasn’t completed until 3/18. The builder’s original estimated time of completion was March 1st from the P&S contract, so I see what NACA/BOA was possibly basing their timeline from.

    When we got an updated completion date of 3/24 in February from the builder, I didn’t get updated dates from BOA. This part is why I thought having a NACA realtor would’ve helped us stay on track of what we should’ve been looking out for or pushing for a much needed time extension before signing. But it looks like what the realtor can ask for, we can ask for on our own. Even when reading the member handbook, I thought we still needed a realtor to do the suggested negotiations. At least for new construction.

    #66725
    kb7571
    Participant

    @djcwill09 how’s everythig progressing for you. I was able to get my conditions addressed which was the final purchase agreement info. Luckily the seller is responsive but now it’s going back to Bank of America so who knows. At this point I can only laugh when going back to Bank of america. All i can do os laugh and wait for a new condition that they couldve told me days ago.

    #66769
    djcwill09
    Member

    @kb7571 we’re waiting on the bank’s response. We got an email to check conditions on 4/2, but there wasn’t any in our webfile. Called and asked about it Friday and was told NACA cleared the condition and then sent it back to the bank. So our clock restarted yesterday and now we’re back to waiting 48-72 hours for a response.

    I guess the good thing is that there was a quick lender response after NACA submitted it on 3/31. We hope to hear a CTC in the early part of next week.

    I had a dream that my husband & I were giving testimony of our NACA journey, so I’m hoping that means it comes true in a positive way.

    #66771
    kb7571
    Participant

    @djcwill09 I’m hoping the same for me and my wife too. I am looking forward to giving this testimony but idk if i would ever recommend naca to anyone after this experience.

    #68683
    LRodriguez129
    Participant

    HI @kb7571 @djcwill09 did you both ever close? I’m on the same boat now as you both were in.

    #69289
    djcwill09
    Member

    @LRodriguez129 Sorry for the late response, but yes! We closed 5/11th. How is your process going? Thankfully we didn’t get charged any late fees.

    #75752
    Halokoda
    Participant

    Naca really is the slowest process I’ve ever experienced. A buyer can have all documents, info,etc… but then have to wait weeks for qualification replies. Shit, I has a not qualified- conditions and it was because the UW thought q refundable credit line shown on my transcript was suppose to be the refund amount and wanted to know why it didn’t match the reduced amount on the other transcript. I had to explain to the UW that a refundable credit is part of the figures used to get to the refund amount. It is not thr refund amount. I should not have to do that. So I was resubmitted and waited 9 more days causing me to miss 2 purchase workshops. Note, purchase workshop need to be at least twice a week.
    Communication with MC is nearly impossible. I have a ridiculous workload and deal with 100s of millions of dollars every day for the entire west coast. If I didn’t answer an email or return a call for days/week I would have lost my job. The entire process needs to be overhauled. I ended up going with a different lender. My interest was slightly more but the time it took to get qualified and waiting I had already been approved, had an offer accepted, and started the final process.
    The company has a good idea but terrible execution.

    #75753
    Nelsont
    Member

    @Halokoda you are not wrong. But you are forgetting naca was founded on the basis that lenders were taking advantage of sub prime candidates and flat out denying otherwise worthy candidates. Especially in large urban areas in a coastal states there are very very high numbers of people who cannot buy a house without going through naca.

    #75754
    Halokoda
    Participant

    @nelsont I agree. The concept and reason for the program is amazing. It’s the actual process that needs to change. Lack of communication and long wait times. Adlai the fact that you can have several different underwriters review your file each time it is submitted. Then after you clear up 1 condition and get submitted, they come back with another. It doesn’t make sense to not check the entire file all at once then send the buyer the full list of conditions. That would save the buyer (customer) so much time. Right now it is submitter, wait over a week, not qualified conditions. Resubmit, wait another week, new condition..resubmit, wait a week, etc…

Viewing 11 posts - 16 through 26 (of 26 total)
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