I've been working with Bank of America on a refinance loan for the past 3 months. I was recently told that I needed to come up with 30K worth of closing costs due to the DTI coming back higher. BoA says that the most credit report shows a car purchase loan. This purchase loan was held at Bank of America and was transferred to another bank since they offered a more attractive rate.
The frustrating piece is that this loan came up at the beginning of the process and they requested a letter stating what the account at the other bank was for. So at this point BoA knew of an existing account at the bank, but did not include it in the DTI. After months and months of following up due to poor communications by the processor, they've come back to tell me that I now have to bring 30K to the table.
While I understand that the lender is being more cautious about new loans, I've had my existing mortgage with the bank for about 5 years and paid every single time on time. I'm refinancing my terms down to 15 years which makes the outstanding loan less risky from a time standpoint and I have a credit score of 760, good income and great job history.
After this whole ordeal I'm seriously evaluating my current relationship with BoA. I have other accounts with them that I plan on moving elsewhere.