Bank of America Mortgage in Plano, TX

In May 2015 my 25 year old daughter tried to buy a home using Bank of America Mortgage as her lender. She needed a co-signer and selected me. Her father and I have had ALL of our banking business through BoA since 1998; and we encouraged our children to also bank with BoA. The home she wanted to purchase is located in Mead and priced at $90,000. We were directed to BoA Mortgage in Plano (the closed mortgage company to Oklahoma) and completed all conversations and transactions via telephone. I’m not sure if BoA didn’t want to bother with a $90,000 loan because in Plano they are used to homes valued at $500,000 up to millions of dollars, but we were treated unprofessionally from the beginning. After gathering and emailing all the necessary paperwork, three days before our closing they called to tell us they couldn’t verify my daughter’s employment with Choctaw Casinos. They had tried three times and never received employment verification and they would be declining our loan (THREE DAYS BEFORE CLOSING). They NEVER contacted us to see if she could contact Choctaw Casinos to help speed the process or get the verification. I called several times and was told that if the verification wasn’t there by 5:00 THAT DAY, they were declining the loan. We jumped through hoops and got the verification there about 3:30. The next day they called to say they had declined the loan because her verification showed she hadn’t worked at Choctaw Casinos for 2 years consecutively (which we put on the application). Remember, I’m a co-signer and have been employed in education for twenty years. Honestly, I couldn’t have gotten the house financially by myself, which is why my realtor couldn’t understand the issue with BoA. My daughter and our realtor were devastated and I was furious that BoA would treat us this way. Our realtor said to contact Guild Mortgage in Durant and see if they could qualify us. After ten days and a lot of understanding/patience from the home seller, Guild Mortgage qualified my daughter and approved her loan (again with me as co-signer) with the same information and verifications. Needless to say, we are in the process of moving the SIX banking accounts, credit cards, 401, and investments from BoA to another bank. Sometimes big business gets a little too big for their britches. After buying three homes, I know the process can be stressful. What should have been a celebration and joyful time for my daughter, buying her first home at age 25, turned into a nightmare thanks to BoA. If I knew where to file a complaint for fraudulent lending, I would be filing it. If you aren’t a millionaire stay away from Bank of America Mortgage in Plano. They can’t take the time to be bothered with ‘regular people’ who are honest and work hard and don’t make $250,000 a year. What a disappointment!!!!! Do I recommend Bank of America Mortgage in Plano? Absolutely NOT.