Consumer complaint received 2022-04-07
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Complaints on XXXX XXXX, XXXX XXXX, and XXXX XXXX XXXX ( fraud, misleading and manipulating action without proper disclosure to customer ). 



On XX/XX/XXXX I visited the Bank of America XXXX XXXX XXXX branch in XXXX, CA, and met with loan officer XXXX XXXX XXXX XXXX XXXXXXXX, I was inquiring about the interest rate XXXX Yr. Fixed Interest-only loan. XXXX XXXX provided me a closing cost worksheet detailing the interest rate and closing cost for XXXX XXXX XXXX XXXX only loan. 

On XX/XX/XXXX while I was traveling and I called XXXX XXXX and inquired about the interest rate for the XXXX interest-only fixed rate, he disclosed a lower interest rate than XX/XX/XXXX and solicited me to apply so I can lock the low rate on the same day. 

I completed the application within XXXX min of my call and waited to receive the loan information, XXXX XXXX has issued a worksheet for a variable loan of 2 % and not a fixed loan of 3 % as we discussed. 
I brought it up to his attention that this needs correction, he provided a loan estimate of a 3.625 % interest rate and {$0.00} origination fees. I requested to lock the rate and he responded not to worry as the rate will not change that much. 

I followed up with him many times and he continued to ignore my calls and requests ( see attached emails ). 

XXXX XXXX dragged the response and never responded back or called me again. I followed up with many emails and phone calls on that day asking for locking the rate and never received a response. ( see attached Emails ) On XX/XX/2022 I submitted a complaint to his supervisor XXXX XXXX XXXX XXXX ID XXXX complaining about the fishy and nonprofessional action of XXXX XXXX XXXX and followed up with a phone call and didnt receive any calls from XXXX XXXX. 

On XX/XX/2022 I visited the branch asking about the rate lock and XXXX XXXX presented me with an updated loan estimate with a higher interest rate and didnt answer any of my previous inquiries about the locking rate. He failed to provide any proof of communication or response to my multiple inquiries. 

On the same day, I went to the XXXX XXXX XXXX Bank of America and met with XXXX XXXX XXXX La XXXX who offered to speak to XXXX XXXX and ask for a correction and reinstate the loan request to the XX/XX/2022 rate without origination fees. 

XXXX XXXX continued the loan application and locked it with the same interest rate adding XXXX origination fees and advancing the loan to the next step without my authorization, As of today, Bank XXXX XXXX XXXX has caused me frustration, Municipalization and monetary damage, I feel I was a victim of dragging and pressure game to submit a loan application and dragging the process to high XXXX interest rate I would like to request an investigation of this scamming act of XXXX XXXX XXXX, XXXX la XXXX, covered by their supervisor XXXX XXXX and investigate the following : 1. XXXX XXXX action to drag and manipulate the customer by offering a low rate to solicit an application and credit pull 2. XXXX XXXX dragging response and not locking the rate despite asking many times on the phone and via emails. 
3. XXXX XXXX ignored my email and complaint dated XXXX complaining about XXXX XXXX action. 
4. XXXX XXXX action to lock the rate and add points to the loan without my authorization. 
5. XXXX XXXX call on XXXX threatening to cancel the loan. 

If you have any questions please call me at XXXX Regards XXXX XXXX Attached : 1. XXXX emails to XXXX XXXX asking to lock the rate. 
2. Phone logs to XXXX XXXX ( caller XXXX XXXX ) show XXXX calls made on the same day 3. Complaint email to XXXX XXXX on XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation