The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Bank Of America / mortgage loan

1 Portland, OR, United States Review updated:

I have probably had the poorest customer service experience of my life with Bank of America which has continued for the last two months. They lost my mortgage check, told me to put a stop pay, then found it over a month later and attempted to cash. I was charged for a stop pay and they have not reimbursed. They promised to take of late charge, and would not. They even had a copy of the check that was lost in processing.

I faxed them paperwork three times that they said they were processing. The last time I called, a rep said someone dropped the ball and he realized that it was processed wrong, so I needed to fax recent information again. They said it would be another 45 days. I received conflicting information from multifple customer service reps. i even have proof from a loan officer who was on the conference call. It's pathetic. I can never speak to the same person, because they won't let you. I waited on hold for hours only to be transferred five times. I am not exagerating. My friends and family will be cancelling all cards . If I could move my mortgage, I would.

This is the worst bank in history!! Don't bank there!!!

Lu
Sort by: UpDate | Rating

Comments

  • Sm
      8th of Mar, 2010
    +1 Votes

    I used to work for Bank of America in the mortgage operations department and let me tell you that you are by far not the first person this has happened to. I was disgusted on a daily basis at how horribly run the entire company is. I am honestly shocked that they are still in business. It only got worse after they bought Countrywide. They started making overtime MANDATORY at 8-16 hours per week and having mandatory Saturdays. What was funny to me is that... here is this company who already sucks at doing mortgages... Bank of America legacy (as they call it internally, referring to the original BOA prior to Countrywide merger) who already sucks at gaining market share. They can't seem to figure out why though so they just keep buying up other lenders and making them adapt to the "Bank of America way", which sucks to begin with. So they brag about their expansion although they did NOTHING to earn it except rape people in fees on their banking side so they would have enough money to keep buying out competitors. NOW here comes along their biggest competitor, COUNTRYWIDE in all kinds of financial ruins. Where as most logical minded folks would RUN from this sinking Titanic, BOA decided... LET'S BUY THIS HUNK OF CRAP! Then, as if they couldn't get any dumber, they retain MOST of the same upper management IDIOTS who drove Countrywide into the ground!!! I worked there for 3 years and to be honest I truly can't understand how they are still in business. The majority of their management structure is people who have NO mortgage background to begin with. As a mortgage professional for the past 9 years I can honestly say I love this business because it can truly be amazing when you deliver great products to great people and help them accomplish the America dream of home ownership. Unfortunately BOA has found the way to suck any possible joy out of this process in an effort to just close more and more loans... faster, cheaper more. That should be their company motto "faster cheaper more". Their sales force or "Loan officers" are ABSOLUTE idiots. They are mostly literate but not all of them. Honestly your BOA sales rep probably knows about as much about mortgages as you do as a first time applicant. They provide them no real training except how to take an application and to shove it into the system. I never once had a single loan officer ask me if I thought the applicants could actually afford the house they were buying. It was only just "how can we make this loan work?" Not that I can blame them because their income was largely based on how many loans they got shoved into the system, not how many of them actually closed or continues making their payments. Internally of course they used to "claim" that customer service was a high priority. Oddly enough 100% of our bonus was based on production and low QA errors so that the loans would be sellable on the secondary market. They tried to base it on customer service for a short period of time once however that didn't work out because literally NO ONE could hit the meager goal. That doesn't mean the employees were bad... it means the company isn't willing to slow their process down enough to allow people to do their jobs completely in order to actually satisfy the customer. They honestly just refuse to accept the reality that the faster you work, the more quality suffers. I tried pointing this out to my site leader once and she told me "we have to have both". As if she could redefine the laws of nature (that going faster leads to sloppier work) just by refusing to accept reality. It was absolutely maddening. I profusely sympathize with any non mangement level employee at BOA because we were all like battered wives and/or sweat shop laborers. I've been gone for over a year and I'm still on anti depressants. I worked there last year when they announced to all of us that because of the economic climate, they were not doing annual raises. I found that HILARIOUS since they suddenly found the money to repay their TARP funds and to pay Ken Lewis a couple million dollars. So here we were, the people on the bottom rung, holding that [censored]hole together, working "mandatory overtime" so they could cut our pay and still repay the government just in time for upper management to get nice fat bonuses. Even when I worked there I secretly wishes that the government would let them and all these other big banks just fail because they TRULY deserved it. Bank of America should have gone down in smoke with all of the other big banks and created an opportunity for the little man and local banks to make a come back. The political scare tactic worked though because they made everyone think there would have been another great depression. Little did anyone mention that the great depression was also sparked by severe droughts, hunger and disease which is what helped cripple the stock market which was much more heavily based on agriculture then. Long story short as long as there are still credit worthy people in the world and still some folks who have money, there will be lending. It just wouldn't be this HUGE "big box" model of lending we are so used to today where the end user "customer" means absolutely nothing. One thing I have learned from working at BOA is that the employees and customers mean nothing. The shareholders are the only ones with a voice and their voice is always the same... MORE PROFIT, LESS COST. Whatever happened to slow steady growth by delivering a quality product and earning repeat business? I guess that is just too slow for CEO's who want to make 30 million dollars a year and retire by the age of 50 as millionaires. For the life of me I can't figure out WHO in this entire country is worth paying more than the president of the United States. That may sound silly but honestly, what could one person possibly do to justify making millions and millions of dollars a year? Unless you have cured cancer or AIDS, or have single handidly rescued some third world country, there is NOTHING you could possibly do to be worth that much money. It is just pure old evil greed. The sad thing is that even if it would be possible for one person to create some type of cure for some type of disease, the drug companies would quickly buy they up and patent it for themselves anyways. I truly believe in capitalism however I also think the only way it can work is to allow it to fail when people get too greedy and unfortunately, we didn't let that happen. Now most of the people who have gotten rich based mostly on circumstance, can keep their money and keep sucking it from those of us who actually add value to society. We little people have to quit taking loans from these pigs and start becoming cash based like people used to be if we want to suffocate these greedy ###. I am almost 30 years old and have now paid off all of my debt except for my mortgage (which is now my #1 priority over the next 8 years) and once that is done I will never take another loan from these big companies again. If I can't buy something in cash I can't afford it and don't need it. I want my money to stay where it belongs... with ME! I went WAY off topic from your original compaint but short story made VERY long, I couldn't agree with you more.

  • Hi
      21st of Mar, 2010
    +1 Votes

    BOA's representatives are the worst I have ever dealt with. When I contacted them to see why they had reduced my limit, I had the misfortune of talking with a very cocky, rude rep who told me that I hadn't been paying enough over the minimum; and that my credit rating was bad. I have always sent in at least double the amount requested; and my credit rating is listed with Experian as "Excellent". It upset me so badly that I told him off; and requested that he cancel my account immediately. I called back to speak to this idiot's supervisor, who defended this rep! I then paid off the $700.00 I owed them; and I will never deal with Bank of America again. In the meantime, I will continue my blogs about them to any and all who will listen.
    They're a worthless business run by "cheeky" people who have no problem lecturing a client - absolutely unbelievable, their nerve!

  • Da
      15th of Sep, 2010
    0 Votes

    BANK OF AMERICA SERVICE IS HORRIBLE WHEN IT COMES TO YOUR HOME LOAN THEY COULD ONLY SERVE YOU ONLY TO OPEN LOANS THE REST OF YOUR PROBLEM YHEY ARE NOT CONCERN ABOUT.
    THEY GAVE PROCEEDED TO FORECLOUSE MY PROPERTY WHEN ALL ALONG I HAVE CAOLLED THEN TO MAKE ARRAGEMNETS THEY IGNORE THEIR CLIENT LEAVE YOU WAITING INTILL LINE IS DISCONETED AND IF IN THEIR BRANCH THE WONT DEAL WITH YOUR PROBLEMS LOAN OFFICE ARE ONLY THEIR TO OPEN ACCOUNTS I BEEN TRYING SINCE FEBRUARY INTILL NOW PROPERTY HAS BEEN PUT IN FORECLOSURE DUE TO SMALL AMOUNT THAT HAS GENERATED INTO A BIG AMOUNT DUE TO ALL THEIR GAMES AND IT HAS REACH A NO WINNING CITUATION.BECAUSE THEY WANT FORECLOUSURE AND THE PMI INSUARANCE.

Post your comment