Bank Mortgage Broker Shop

I see a number of 2-part BofA shops where you make an appointment in person and then return to shop the mortgage broker. The pay seems ok, but was wondering since so many of these shops are posted, is it a bad one? Also, if you have completed one, it doesn't appear you shop a targeted person and I know some brokers work at several branches. I see a potential problem here if you pick-up a couple shops. Any insight before I regret applying?

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I've done one of those, and yes some brokers work at multiple branches. They are semi-targeted, you need to tell the MSC who you made the appointment with after the initial visit. My guess the reason they have so many of these is rotation - You can only do one every 6 months. Other than that, is very straight forward, you don't need to get your credit run (just say you're just starting to look whether you can afford it or not), and if you go for it, have a good backstory as to where are you looking to buy the home, what your salary is, what your credit is (again, you don't need to run it, but you can say your credit is excellent or is so so, or you can come up with a credit score). If you're already a customer of BofA they may verify your details in the system, but once again, they don't need to run your credit report (I can't emphasize that enough times because I think that's what scares most shoppers from this one).

In my particular case they did see an old mortgage I had once with them and some of my other accounts I had with them in the past, but really the focus was on my current situation for the shop.

Also be ready to write a moderately long narrative and scan a ton of paper.

Thank you and I think I'll pick one from the long list! It sounds reasonable.

I'm not a customer of BofA but I have a mileage credit card that is administered by them. The card is probably visible in their system and I have a recent credit score too. I'm not a fan of people poking around in my personal banking but I can fend them off. Thanks for the warning.

Also, you don't have to give them your real name. But you need to give them a good phone number so the Mortgage Loan Officer can call and schedule or reschedule the appointment as needed.

Shopper in California's Bay Area

@CaliGirl925 wrote:

Also, you don't have to give them your real name. But you need to give them a good phone number so the Mortgage Loan Officer can call and schedule or reschedule the appointment as needed.

Most BofA branches will ask for an id before they let you talk to a bank officer. At least they did in both shops I had with them here in SoCal.

They always want an ID even if you tell them that you are not a customer. I have had to be somewhat stern about not providing an ID. In my experience, they are definitely going to ask for one.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

They would rather have your business than insist on an ID, so saying no works well.

They were extremely insistent on an id in the mid Atlantic area too.

When asked for an ID I always say that I will be happy to provide that information when I have heard what my options are and think that this is the right bank for me. I have done this in 6 states and never, never, had any blow-back. If that request resulted in my not being allowed to meet with a loan officer, or any banker, I would take a proof of visit (photo or ATM reading) and report it to the MSC.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

I've done a number of shops for that MSC, including the 2 part mortgage shop. I have done the shops where I had to open an account and keep it open for a minimum of X days, so my information is in their system. I always closed the account because I don't like that bank.

As for the mortgage shop, it's very simple. You get a card of the person who makes your appointment and wait for the broker to call you. My broker never called, so I only get $20 for the shop.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

I've only done a couple of the mortgage shops, but haven't been asked for my ID. I've never been asked for my ID at any bank shop until I was ready to open the account or apply for the credit card, etc. Until then, they've always asked for my name, but never my ID.

Shopper in California's Bay Area

I've been asked about 30% of the time. I have given them my ID 0% of the time.

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.

I think its a good lesson for her to do the Mortgage shop for Bank of America, I do it same company and she see how much info and data and time they want. Its good learning experience like my $2 phone call teach me to look for great company, not $2 a hour. They do ask for every data you have, ID and all as I did that job. I should have take the $20 and leave after part one.

Edited 3 time(s). Last edit at 03/16/2016 05:54PM by Akbar.

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