Have you recently applied for a HARP refinance loan at Bank of America and been told that it will be 90 days to process your application?
You are not alone.
According to this article in Bloomberg, Bank of America has been swamped due to the HARP refinance and is way, way, way backed up which will cause a significant delay in getting your HARP refinance loan closed.
According to Bloomberg:
Bank of America Corp., struggling to handle mortgage refinancing after a U.S. program boosted demand, is telling some customers to wait 90 days before starting an application, said two people with knowledge of the policy.
The firm began a reservation system last week that asks those who call during high-volume times if they wish to be contacted again in 60 to 90 days, said two people who requested anonymity because the measure hasn’t been announced. Wells Fargo & Co. (WFC) and New York-based JPMorgan Chase & Co., the biggest U.S. mortgage lenders, said they aren’t stalling customers.
The delays may push borrowers to other lenders or discourage them from taking advantage of record low interest rates. The government’s Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and strained capacity at Bank of America, which exited some mortgage lines last year. The U.S. program, now dubbed HARP 2, was broadened in 2011 so more people qualify.
“The HARP 2 program is a much bigger deal than people thought, and Bank of America is dysfunctional to begin with,” Paul Miller, an analyst at FBR Capital Markets Corp., said in an interview. “This is a result of getting out of the business at the exact time they should be getting into the business.”
In addition to having people wait for the HARP 2 refinance program, don’t forget that it stopped offering cash out refinances last month so if borrowers want to tap their home equity, they’ll either have to try a HELOC or go elsewhere.
If you are interested in getting a HARP 2 refinance done, the best place to get a free quote is right here! We can match you up with multiple lenders who are offering the HARP 2 program and you can refinance your house and get a lower rate and save money. Get a free HARP refinance quote from multiple lenders now!