Bank of America Loan Officer

I don't know any BAC loan folks currently. Their investment banking used to make loans on better terms than their retail banking but that was before 2008.

Talk to mortgage brokers - CEMA is usually straightforward. While the fee depends on the existing lienholder ( and they can make the CEMA fee high enough to make the process not worth it ), I would not lock myself with a particular lender ( for a new loan ) to make this process smooth. The brokers can tell you what the fee for a particular bank ( your current lender ) is as well as the closing attorney's fee. They can also give you an estimate regarding the time needed to prepare CEMA. Look at GFE, add up all costs and make a decision based on it. A lot of time, you'd get GFE that includes transfer taxes ( even though, they are doing CEMA for your ). This is usually for disclosure purpose - but do verify that they are doing CEMA ang get costs and time estimate in writing.

Either of the brokers below will give you a competent answer:
Cory Freilich at WCS lending - 212.351.8011
Sunny Hong ( whom you mention above ) is with DecapitalMortgage now - (212)905-5111

wuz cema?

kangster70:

David Axelrod
david.axelrod@bankofamerica.com

Fast to respond, very highly recommended.

I HIGHLY recommend Paul Zhu at BoA. Phone: 917-378-2787, email: paul.zhu@bankofamerica.com.

He went above and beyond what a mortgage officer does to get our deal done. We almost didnt close on our "closing date" because of other BoA incompetent employees not doing their job, and he stepped in and made all the necessary calls to make sure we closed on time. He is extremely responsive and we were so pleased with him, we sent an email to the CEO of BoA praising him.

As far as doing a refi with a bank that's not your existing lender,and doing a CEMA, the process is pretty straightforward. I just completed a loan like this.

What is important is to deal with someone you feel confident about, and of course to get the best rate with personalized service.

Ellen Silverman
Licensed Mortgage Broker
E.S. Funding Co.
esfundingco@ aol.com
www.esfunding.instantlender.com
NMLS#60631
www.esfunding.instant lender.com
NMLS#60631

thanks for all the recs:)! i appreciate it.

Just one more question.... Can CEMA be done between two banks within 70 days?

I got an outstanding rate quote from Beth Page Federal Credit Union in Long Island but it is for 70 day lock. Most of the other banks quoted me a 90 rate lock quote.

Look up David Axelrod at BoA. Outstanding service from start to finish.There are very, very few people I will recommend. He actually renewed my faith in BoA whom I had written off.

Keith Burkhardt
TBG

>Just one more question.... Can CEMA be done between two banks within 70 days?
Yes, actually the most common rate locks are for 60 days. As I mentioned earlier, ask your prospective lenders for both time and cost estimates in order to get a CEMA.

Good afternoon,

The CEMA process with BofA is about as easy as you can get. I've closed several refinances with CEMA's from BofA and never had an issue. Turn time was roughly four to six weeks on each. And the fees are reasonable, too.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*I include my full contact information because it's required by NYS regulations.

Bank of America Cema's can sometimes be difficult unless you know what you are doing. My firm happens to be approved to close CEMA transactions for Bank of America and I will be glad to walk you through the process. Please email or call me and I will be glad to assist you.I can even assist you if you are applying for a refinance with another lender and you have your loan with Bank of America.

Jonathan Peldman, Esq.
The Law Offices of Jonathan Peldman P.C.
2054 Ralph Avenue
Brooklyn, NY 11234
Tel: (718) 251-1200
Fax: (718) 233-2714
BankClosings@PeldmanLaw.com

Are banks still offering mortgages and covering the closing costs with CEMA in exchange for a slightly higher rate? My last refinancing was such a mortgage (with Citi) where they covered 100% of the closing costs and CEMA for an interest rate that was probably 25-50 bps higher than market. I've been told that these types of arrangements are no longer common but was looking for verification.

I offer flowers, mourners or face painting. I am required by law to give my contact information (wait, did I just make that up? Yes I did!)... my firm can help you with all sorts of things too just like counselor peldman or broker trevor! Let's say you need your floor waxed - I can do that. Or let's say you need some help with your brownie mix - we can do that too. Or maybe you need a clown to stand outside of your window -- again, we can help. We are not here shilling on streeteasy for business. Sacre bleu! No, we are just providing you with the service you want and need and deserve. Again, it's all in YOUR best interest. We are selfless like that.

Catguy!

damn shame

Greenberg, was Catboy on here again shilling his SeeMeow transactions, as usual? I really really wish I could see what he wrote, but I have him on ignore, so I can't.

Who is Greenberg?

@enfeugo
This is common place on refinance transactions, to hedge the fact that you might have to refi again if rates were to go down. As you said a slightly higher rate, generally a quarter, will yield you a large amount of your cost, depending on loan amount.

Jim McPartland
AVP, Mortgage Banking
Bank of America Home Loans
50 Rockefeller Plaza, 11th Fl.
New York, NY 10020
(646) 556-0207 Direct
(917) 993-2358 Mobile
(866) 614-4829 Fax
james.mcpartland@bankofamerica.com
NMLS#614743

How many CEMA can be done with multiple banks in 2 months