Bank of America FHA Loans Review

Rating: 8 / 10 (Very good)
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Bank of America is one of the four largest banks in the United States. Headquartered in Charlotte, North Carolina, it traces its origins back to 1904 and today has assets of over $2 trillion. It offers FHA loans and other types of federally insured mortgages to customers in all 50 states.

How is Bank of America rated?

Breakdown

8/10
Loan Specifics
8/10
Customer Experience
8/10
Lender Reputation

Overall Rating: 8 / 10 (Very good)

Bank of America's enormous size, ubiquitous presence, and $2 trillion in assets make it a significant player in the FHA loan market. While other aspects of the bank's operations have been criticized by unhappy consumers, its mortgage operations in recent years have largely escaped its customers' ire. The bank provides very little information about its policies and practices with respect to FHA loans, which makes it difficult for consumers to properly evaluate and compare the company's performance in that market.

Bank of America Loan Specifics

Types of FHA Loans Offered

FHA Fixed Rate 15 Year
FHA Fixed Rate 30-Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Loan Specifics - 8 / 10

Bank of America does not divulge the specifics of its FHA loan program. Aside from the typical 15 and 30 year fixed rate FHA offering, it is unclear what further FHA loan programs the company is able to offer.

Bank of America Customer Experience

Customer Experience - 8 / 10

Bank of America's website has a feature where customers can pre-qualify for a mortgage without providing their Social Security numbers. It also has online customer service support. Like most other financial institutions, the company does not publish data about its average mortgage decision time or loan closing time. Nor does it publish much information at all about the types of FHA loans it offers. This lack of data is likely to frustrate consumers attempting to compare Bank of America's FHA loan services to those provided by other financial institutions.

Online Features

Online Application
Yes
Social Security Number Required for Quote
No

Bank of America Lender Reputation

Lender Reputation - 8 / 10

Bank of America is one of the Big Four American banks. As expected for an institution of this size and age, the bank has been the subject of numerous complaints, lawsuits, and regulatory actions over the years. The vast majority of these in recent times have not concerned the bank's mortgage operations. However, in 2014, the bank paid a record $16.5 billion settlement to federal and state regulators in connection with the sub-prime mortgage collapse of 2007–2009. Much of Bank America's exposure came about through its then-recent acquisition of Countrywide Mortgage, a large subprime lender. Since that time, however, relative to its size, Bank of America actually has a fairly small number of negative reviews by the BBB. None of the complaints on TrustPilot are about Bank of America's mortgage division. The takeaway, then, is that while Bank of America may have disappointed consumers with other aspects of its business, its mortgage customers have been fairly well satisfied with their experience.

Key Reputational Facts

Company Type
Underwriter
Year Founded
1904
BBB Rating
A-
Number of BBB Positive Reviews
5
Number of BBB Negative Reviews
142
Trust Pilot Rating
6.2 out of 10
Date Collected
2018-01-23

Complaints & Actions

Nationwide Mortgage Licensing System ID
399802
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2018-01-23
CFPB Total Mortgage Complaints
6
CFPB Collection Date
2018-01-23

Company Profile

Full Name
Bank of America FHA Loans
Company Website
Headquarters
100 N. Tryon Street, Charlotte, NC, 28255

Top Rated
10 / 10
  • Requirements and offers in under 5 minutes!
  • Low credit score, low interest rate, low down payment
  • Serving over 30 million customers
  • Offering a wide range of financing products
  • 3 types of 203(b) FHA loans available
  • 9.3 score on TrustPilot
  • Compare up to 5 free offers with no obligation