A surge in U.S. mortgage applications has left Bank of America Corp , Wells Farg...
) and other large banks scrambling to meet demand, leading to longer closing times and unhappy customers.
Bank of America, one of the largest U.S. mortgage originators, now takes 41 days, on average, to close a purchase loan, a person familiar with the matter said. Refinancing has climbed to 60 days, another source said. Wells Fargo spokesman Tom Goyda said the average closing time for purchase loans has remained stable this year but acknowledged the average closing time for refinance loans has increased.“Wells Fargo Home Lending is working to provide a great experience for our customers and meet their expectations during this period of increased demand,” Goyda said.
Donnie Keller, a real estate agent from Fort Worth, Texas, said he has had such bad experiences lately with Bank of America that he now cautions his customers against taking out a mortgage there. The bank’s slowness has created headaches for borrowers, some of whom have lost out on dream homes, Keller said.His frustrations echo complaints from half a dozen real estate agents in New York, New Jersey, North Carolina and California.
In addition to hiring, the bank is offering underwriters unlimited overtime pay as an incentive to work through the backlog, a source in the business told Reuters. Mortgage-loan officer applications fell 36% in the first quarter, according to the most recent data from the Conference of State Bank Supervisors. The number of people leaving the industry jumped 56%.
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