Bank of America Sued Over Failing to Process Re-Finance Applications
A former loan officer for Bank of America has sued the company for taking money from borrowers who were seeking to refinance their mortgages and then failing to follow through by actually processing the applications. Linda Langlois, 58, began working for the Bank in August, 2009, and processed several applications for refinances daily, at $399 per borrower. She became suspicious when the potential borrowers starting calling her months later, checking into the status of their applications, when each application should have taken only 60 to 90 days to process. In many cases, nothing had been done on the applications, and the borrowers, already behind when originally seeking to refinance, were no longer qualified when their credit applications had to be run again. Further, according to Langlois, she and other loan officers were denied commissions to which they were entitled based on their business generation. Langlois’ suit alleges unfair and unlawful lending practices by the Bank, and seeks back wages and employee benefits as a result of her termination.