Bank Of America

[mrbill]

My newly acquired mortgage was transferred recently to BOA. I was informed by my mortgage broker that it would be transfered because they dont service mortgages. My question is how is BOA as a mortgage servicer? Reputation?...I noticed they have a $49.50 late fee for mortgages....thanks

[undecided]

If I had noticed your thread back when you posted it, I would have said BofA is fine, never had any problems with them in 5+ years.

 

BUT: they have formed a new mortgage servicing subsidiary which now services BofA-originated mortgages as well as the old Countrywide mortgages. I used the new servicer's website to schedule a payment, saw confirmation in the "transaction history" that it was posted, but then discovered through the transaction history that the payment had been reversed.

 

At this point I would suggest monitoring your account closely and often. If you have a BofA checking and/or savings account, use the BofA website to schedule your payments (not the servicer's site). Not sure what you can do if you're mailing a check with a coupon, other than photocopying before mailing and get proof of delivery (which you can track online) from the post office.

 

I hope that the servicer will correct this problem soon; they just started servicing in mid-November.