BofA Stalls Refinance Work as Wells Is ‘Open for Business’
This article is for subscribers only.
Bank of America Corp., struggling to handle mortgage refinancing after a U.S. program boosted demand, is telling some customers to wait 90 days before starting an application, said two people with knowledge of the policy.
The firm began a reservation system last week that asks those who call during high-volume times if they wish to be contacted again in 60 to 90 days, said two people who requested anonymity because the measure hasn’t been announced. Wells Fargo & Co. and New York-based JPMorgan Chase & Co., the biggest U.S. mortgage lenders, said they aren’t stalling customers.