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Because I had my checking account, savings account, and mortgage with Bank Of America I didn’t pay any monthly fees. Bank Of America sold my loan off to another servicer, without my permission or knowledge, and Then felt obligated to start charging me monthly fees because I didn’t have enough money in my accounts with them once the mortgage was transferred. What a racket!

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The question I would ask is historically how many mortgages have the bank sold and base your decision on the likelihood that your mortgage will be sold based on their past track record. If this would negatively impact you, move to another loan provider that has a lower track record.

I believe that local banks tend to have lower mortgage transfer rates than National Banks (need to back check that). I have had processed 4 mortgages and if I read every line on the pages of single line 10 pitch font documents, I would still be working on the first one. The industry needs to simplfy these forms and translate documents into "plain language". The forms are institutional-wide and you can't change the terms if you wanted to and still expect the loan to be approved.

The process is designed to side with the banks and lawyers.

Consumer advocates have tried to make the process more transparent and provide more consumer protection but lobbying have helped to curtail these efforts. Its no surprise that Bank of American made $26.3 M on political contributions (since 1989) and $37.9 M on lobbying (since 1998).


re-read your the papers you signed when you obtained your mortgage, they're allowed to sell your mortgage ... shame people can't read these days


How else can they pay the CEO without extravagant fees & charges: Bank of America Chief Executive Officer Brian T. Moynihan’s compensation was $23 million for 2017, a 15 percent increase from 2016.

He received $21.5 million in stock grants and a $1.5 million salary.

Now you know where your hard earned money is going... Vote with your feet, go somewhere else : )

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