David W Rawls sent a message to Brian Moynihan that said:
Dear Mr. Moynihan,
I write as a client of over 40 years. All if my banking and investing transactions are consolidated with BofA and Merrill, my broker convinced me 40 years ago to leave Wells Fargo and support your organization. Merrill has always served us well; they continue to do so. Point of fact, it was my Wealth Manager who suggested I not withdraw a $100.000 from our IRA's to do some home remodeling, in light of the excellent HELOC rates currently offered by BofA.
An application was requested by Mrs A. Rocha on May 18, 2020 and completed by FAX to your processing center in Tampa on May 21. I substituted current 1099's for requested copies of retirement Annuity documents less than 1 yr old (I've been retired for 15) because the Covid disruption had caused extra long waits in telephone ques; under the wrong assumption that an Underwriter would see this verified income, realize I was retired, verify my assets as 10 to 1 of the loan amount requested, realize that ONLY my income was shown, as I also included my wife's 1099 and proceed to fund. Not the case, I'm afraid! An unencumbered $600,000+ plus personal home; $400,000+ in liquid assets at Merrill and an 800+ credit score were deemed insufficient to proceed.
The Processor was polite, kind, and reasonably efficient, but insisted that the protocol required "verification" as requested. I asked for a management exception and she agreed to submit. I then called Mrs. Rocha who said she would try to help. Today, I was "counter offered" $70,000 or we could start the Application process over including my wife's income. My only question for you is: "Would You do it?" or go to your local credit union, Quicken, Rocket, etal?
Mr. Moynihan, I'm 82 and value loyalty, personal service, and relationship. I have those at BofA/Merrill; people I care about and who care about us. I know how tough it is to compete today and, before writing, I said to 'Hell with it!" But Mrs. Rocha called and asked if she could 'try' to help? How then could I not, at least ask you the help them fix the process that makes people regularly say to me, "BofA? How can you deal with that bunch?" My answer? Because most of them care! I hope you do? Mr. Giannini started helping the 'little guy' and made a pretty good bank out of it.
Sincerely,
David Rawls
Loan App#995201191835410
