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How to reach a human at the CRA?


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I am doing a refi and the lender Bank of America has placed an inaccurate adverse account on my CR because the "other side" of Bank of America that handles payments did not know the lending side of Bank of America was in the process of the refi and told us not to pay the mortgage for the month of closing. The loan officer at Bank of America says the error must be corrected and she has a letter stating that the item should be removed but is having trouble getting to a human being at the CRAs to correct the error. She says that she will file the paperwork with the CRAs through Bank of America's Customer Service Department, but the CS Department told her "it could take some time" to get the error off the report. As a consequence, our refi is in limbo, and they can't tell us what the new interest rate is going to be since the failure to close on at the end of February made us lose the lock on our interest rate. Any suggestions?

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I suggest you stop listening to the person that told you not to make your mortgage payment during a refi! That is terrible advice. Most of the lenders today will kill a refi over a late mortgage payment - for at least two years.

NEVER stop paying your mortgage during the refi process. Most lenders, including BOA, push purchase loans ahead of refi's in their processing. What that means to you is that the refi's take longer because the servicer regards them as not a priority loan. Especially since BOA already has your loan.

Remember this tidbit: it is not closed until you have been funded by the new lender.

Hopefully you can fix this by pleading mercy with someone in processing or underwriting, but don't hold your breath. This was a big, big mistake on your part. Don't ever let someone else tell you something that can hurt you without getting authorization in writing (and no one at BOA would give you permission to miss a payment). :shock:

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