I'm a very happy BAC investor, in at 6, but very unhappy "customer" of BAC. As a real estate developer I have found that BAC loans take on average four to six weeks long to process than other large lenders, not on that but their paperwork requirements are otherworldly. I have supplied documentation for one borrower only for BAC to ask for the same paperwork for a second borrower purchasing an adjacent property. We as a company have decided to not provide any closing costs assistance to borrowers who select BAC as their lender.
Unfortunately each loan must be documented individually and "stand on its own" so to speak but I would recommend asking for a manager's name and number to voice your concerns and see if anything can be done. Based on my industry experience though, I suspect there is no way around it
And you're complaining because BAC wants to make sure they dot every "i" and cross every "t"? Instead of complaining about the bank taking extra precautions, why don't you complain about all the new government rules and regulations that require them to do so?
No complaints about following proper procedure but I do question blindly following a set of "guidelines" that require the re-qualifying of subdivisions, condo regimes, etc each time a new buyer asks for a loan especially when the entities are already FHA approved. No, I felt that "No Docs" loans were a formula for disaster and time has proven me correct.
After the banking crisis most banks are doing the same. The US Gov't for Fannie, Fred eats. Are requiring more documents. In a fast changing world situations for companies can change over night. The same applies ti insurance companies. I live in a building that is insured by a company that has verified every apartment has hurricane Shutters. When individual apartments apply for home insurance with the same company they have to Pay for a private company to verify that they have hurricane insurance.