Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Bank of America Fires Bank of America?!!

Posted by Mastura Zaini-Roberts on Saturday, October 1st, 2011 at 4:42pm.

Bank of America announced earlier this year that it plans to lay off more than 40,000 employees, many of them loan officers and processors. They also intend to close to close 10% of their branches nationwide and gradually get out of the mortgage industry. The layoffs have already begun in Las Vegas, and you know it’s affecting customer service when, literally, Bank of America fires Bank of America!

A number of months ago, one of our agents listed a Las Vegas short sale and was fortunate enough to also find the buyer. The short sale bank was Bank of America and the buyer was obtaining a mortgage loan from B of A to fund the purchase.

The property was placed into escrow and the fun began. The seller’s documents for the short sale were submitted to B of A for approval of the sales price. Within 40 days, the full approval was received, not bad at all on a short sale! Everyone assumed there would be smooth sailing ahead for the rest of the transaction - usually the approval is the hard part of any Las Vegas real estate transaction.

But things quickly deteriorated from that point on. The buyer’s employment verification was lost twice. By the time the verification was obtained, the credit report had expired and had to be redone. Incorrect figures were submitted for the sales price and loan amount. And oopsy! Someone forgot to order the appraisal.

After four extensions to the escrow due to lender errors and oversights, Bank of America’s short sale department finally issued an ultimatum - they would only issue a fifth extension if the buyer used another Las Vegas mortgage lender besides B of A! (The good news is, the buyer actually scored a better interest rate and lower fees with their new lender.)

Conclusion: Bank of America really IS trying to get out of the mortgage industry, and they are doing one heck of a job!

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Top 11 Things NOT TO DO When Getting a Mortgage

You can unknowingly sabotage your home financing goals by making some obvious and not-so-obvious moves with your finances.  Check out the list below to see if you know the top 10 things NOT to do when you are in the process of buying a home or refinancing. Do Not: Transfer money between accounts, unless receiving co...

7 reasons to list your home this holiday season

Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are seven great reasons not to wait: 1. Relocation buyers are out there....

Great Las Vegas Home Listing 1313 Erskine Drive

Check out a video of this beautiful, Well Kept Home in a highly desired gated community in Silverado Ranch. The home is in perfect condition with upgraded custom features inside and outside! The classy and comfortable home has a beautiful color scheme, All Ceramic Tile on the first floor, wide stairway, wonderful...

Just Sold Henderson Home – 780 Golden Sedum Dr. Henderson, Nevada 89011

Christine Durno, a member of the Tonnesen Team, #1 at Berkshire Hathaway Home Services, Nevada Properties, St. Rose Office, has closed another Henderson home for sale and has very excited clients! She worked with them, their lender and their listing agent for 7 months, refining their search, obtaining the type of fin...

11 things sellers should do once the for sale sign is in the ground

  Selling a home is a business -- take the personal out of it Key Takeaways: Sellers should keep the home in a ready-to-show state, which means toning down decor, cranking the air conditioning and turning up the lights. The sellers have decluttered, painted, made repairs and spiffed up the lands...

Leave a Comment

Have a Question?

Contact Us

Follow Us