Consumer complaint received 2023-10-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage
Sub-issue: Closing disclosure or other related disclosures

Complaint:
There is a law called the Alternative Mortgage Parity Act ( AMPA ) The AMPA preempts state laws that restrict banks from making any mortgage other than conventional fixed rate amortizing mortgages.We have two assignments that states that XXXX XXXX XXXX Asset and XXXX XXXX is an XXXX XXXX XXXX and XXXX XXXX XXXX XXXX Bank of America however there is it is stated that along with Bofa Securities, the investment banking arm, both firms engage in prime brokerage and broker - dealer activities.Between XXXXXXXX XXXX Bofa XXXX XXXX  XXXX and XXXX XXXX XXXX am assignment that Bank XXXX XXXX XXXX be our servicer of our mortgage.The equity in our home was XXXX and it was never touch by us.Thus it has been traced to XXXX XXXX XXXX party of all the XXXX banks that were apart of the ever changing of our loan participants.In a proposed guidance and the proposed rule that followed, expressed concerns that private transfer fees may be used to fund purely private continuous streams of income for select market participants either directly or through securitized investment vehicles, may not benefit homeowners or the properties involved, and, therefore, could impair the safety and soundness of the regulated entities that invest in or purchase mortgages secured by such properties as collateral. Another concern expressed about private transfer fees is the adequacy of disclosure of these covenants which, in turn, may impede the marketability and valuation of the encumbered property. Consumers may also be unaware that a fee applies even if the resale price of their home drops below the original purchase price.XXXX XXXX XXXX XXXX XXXX XXXX fraud and Assignment Fraud. 

XXXX involves a mortgage originator sending simultaneous funding requests for the same loan to XXXX different warehouse lenders. Both warehouse lenders, unaware of each other, would send funding for the loan to the title companies specified by the mortgage originator. The mortgage originator then disburses the money from XXXX lender to the borrower, while directing the title company to wire the money received from the other lender to mortgage originators bank account. The mortgage originators then provide fabricated mortgage documents to the warehouse lenders that falsely represented that the lenders funds had, in fact, been used to finance borrower loans. 
Assignment Fraud involves modifications to the original loan where the name of the bank who actually owns the note is changed on execution of the XXXX XXXX Agreement. The problem with these modifications ( actually new loans with new lenders ) is that the old loans remain unaffected. The existing cloud on title to the property, the mortgage deed ( or deed of trust ), the note, the obligation, the purported assignments etc. is being compounded by attempts to allow impostors to foreclose on the mortgage, collect on the note, modify the loan, or approve a short sale. The time XXXX is title where securitized loans were recorded, foreclosed, modified or sold. 
The parties ( other than the borrower and possibly the Trustee on the Deed of Trust ) had actual knowledge that the lender was not the Lender, the terms of the obligation were already changed at the time of closing, the appraisal was false, the underwriting was negligent or fraudulent, the Good Faith Estimate was by definition rendered neither in good faith nor even close to an accurate estimate, and the list goes on and on. 
In determining whether a particular loan is part of a double-funding or double-selling scheme, examiners and forensic XXXX should look for as evidence that a mortgage originator is engaging in this scheme and participating in a pattern of deception, forgery and fraud. Once demonstrated, these indicators inevitably point to fraudulent affidavits and assignments of mortgages filed in the public records.

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