We applied for refinance in June. Being current borrower we'd thought BofA has some sort of customer retention policy and we'll get decent rates, service, etc. Today, over 4 months later we'd been denied based on the appraisal that came with acceptable property value; however, per lender's request, the appraisal had been changed to "subject to" condition; therefore, loan denied due to unacceptable condition of the collateral. So, how independent is this appraisal if the Lender changes it the way they want? In addition, as a part of employment verification, we had been asked to provide a letter stating that the former employer and the current employer - are the same company... Can you believe this? Once we applied, loan officer, assured us 100% that in case the loan gets denied, appraisal fee will be refunded to us; so I know it's been a month since I am trying to get an answer to one last simple question: how is refund being processed and what is the timeframe. Loan officer refers us to the Loan processor; loan processor neither returns the phone calls, nor responds to emails; even though her recorded message state that all phone calls are important to BofA and will be returned within 1 business day. By this time I wish I was able to erase BofA from my memory. Very frustrating. Customer service is: unprofessional, inefficient, disrespectful.
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