BofA has been the price leader for a while on loans and as a result they built up a huge volume in the pipeline. The increase in volume cause turn times to lengthen. And today, I was notified that their underwriting imaging system has crashed and they are having trouble getting it up. So now things are at a standstill.
It’s been very hard to get much communication from BofA on the reason for their failure. The key to keeping a customer happy is communicating what’s happening and how you’re solving problems, BofA has done a horrible job managing communication.
Their tagline is, "Know the Customer. Care about the Customer. Act for the Customer."
If only they understand what that meant.