Comments for Nationwide Subordinations

Comment on Bank of America subordination department: guidelines by Teresa

Teresa — Tue, 06 Dec 2011 17:01:38 +0000

I’ve just been through the same thing. Bank of America SUCKS. They approved mine but for $2000 less, which means $2k out of my pocket, I mean what do they care about refinancing my first mortgage? Customer service tells me they have no number for that department and they can’t help me, they just tell me crap I already know.

I was only going to refi my first mortgage, but now I think i’ll combine this small 2nd mortgage loan and to hell with BoA. This is not the first time I’ve had issues with this bank.. i’ve had checking accts and credit cards with them in the past, worst bank ever.. those accounts were closed long ago.

Comment on Bank of America subordination department: guidelines by S. Lopez, Escrow Officer

S. Lopez, Escrow Officer — Fri, 28 Oct 2011 18:13:51 +0000

What in the world is Bank of America doing? I have to fax my request in – just to get the blank Subordination package that tells me how to order a Subordination — AND THAT TAKES 10 BUSINESS DAYS TO GENERATE?? What kind of stupid set up is that?? I have spent hours being transfered from dept to dept – none of which can help me. Every single person apologizes that they don’t know how to help me. Apparently, once the completed subordination package is received by BofA — they require minimum 30 days to process the request.

I did learn that if you request an escalation (or the original blank package request) – they’re supposed to respond to that within 48 hrs.

Anyone looking to refi…and subordinate their BofA 2nd — better start the subordination process a month before you start the new loan!

Comment on Bank of America subordination department: guidelines by tim7641

tim7641 — Wed, 26 Oct 2011 22:11:10 +0000

I wholeheartedly agree. Banks do not always work with the urgency or competence we would like. Thus, that is why people use Nationwide Subordinations for their subordination processing. We insulate you from the nonsense.

Cheers!

Nationwide Subordination Support Staff

Comment on Bank of America subordination department: guidelines by Mr. Pouliot

Mr. Pouliot — Wed, 26 Oct 2011 20:37:05 +0000

I HAVE NEVER had such a run around and POOR communications with ANY ONE in the industry, and I have been a Mtg Broker for over 17 years. I suggest ANY ONE thinking about using Bank of America for anything, DON’T! Ecspecially if you are going to deal with a subordination agreement. The poor girls that answer the phone are polite but, beyond that they are USELESS!

Comment on PNC Subordination Requirements Guidelines by tim7641

tim7641 — Mon, 10 Oct 2011 17:22:21 +0000

Hi Mary/Marcy~

Thanks for reaching out to us today. PNC prefers to keep the CLTV under 89.9% in general. However, from our experience they do underwrite based upon the merits of each subordination request. They may reduce the line to the outstanding balance and generally allow up to 2% or $5000 to be allowed for closing costs. Please keep in mind lenders change guidelines. Feel free to contact us at support@nationwidesubordinations.com for the very latest information.

-Support Staff

Comment on PNC Subordination Requirements Guidelines by Mary/Marcy

Mary/Marcy — Mon, 10 Oct 2011 17:12:09 +0000

We are doing a r/t refinance for a client in which your PNC second will be subordinated. Can someone advise me of the ltv/cltv guidelines/limits for PNC subordinated loans?
Thank you

Comment on Chase Subordination turn times 6 weeks+ by tim7641

tim7641 — Fri, 07 Jan 2011 18:27:51 +0000

Hi Ralph, thanks for your question this morning.

Unfortunately, this is a great conundrum with people who are refinancing today with 2nd mortgages that need subordinations to proceed. Many borrowers are having to re-lock loan interest rates, pay to update appraisals that exceed the “no older than 90 day” threshold many lenders adhere to and then wait until the lender responds. Chase is by far, based upon our experience, the slowest to respond, but they also have huge volume due to their own loans and acquisition of giant Washington Mutual that was heavily involved with 2nd mortgages.

Please let us know if we can help further.

-Nationwide Subordination Staff

Comment on Chase Subordination turn times 6 weeks+ by Ralph A Cushna

Ralph A Cushna — Fri, 07 Jan 2011 16:38:11 +0000

Working on a refinance but my lender tells me it will take 6 weeks for a subordination! If that is true my appraisal on my home will run out and I will have to pay for a new one. I really cannot afford another $300/$350 and then all the time this will take. How do you get help in a situation like this?

Comment on PNC Subordination Turn-Times by PNC Subordination Requirements Guidelines — Nationwide Subordinations

PNC Subordination Requirements Guidelines — Nationwide Subordinations — Mon, 18 Oct 2010 02:02:10 +0000

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Comment on Top Questions by Top 10 or more FAQ’s (Letterman Style – with humor) — Nationwide Subordinations

Thu, 12 Aug 2010 18:33:33 +0000

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