Bank of America Corp. is limiting the number of refinance applications it accepts over the phone, telling borrowers who do not have an existing relationship with the bank that they may have to wait 60 to 90 days before their loan application can be processed, a BofA spokesman said Wednesday.

Like other large banks, the third-largest mortgage lender has been inundated with refinance applications since mid-January. Bank of America is furiously hiring new staff to handle back-office fulfillment for the newest version of the government's Home Affordable Refinance Program (HARP), according to spokesman Terry Francisco.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.