Consumer complaint received 2023-03-03
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NV
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
My complaint is with Bank of America loan assumption department. I applied for a loan assumption which is to take over a mortgage loan from another person. I was applying to assume the mortgage loan for my brother 's property. When I applied for the assumption, the initial closing date was to be XX/XX/23. I turned in the initial application and a few weeks later, got some more forms to send in from the loan assumption processor. These forms were sent as requested. The loan processor then moved the forms over to the mortgage XXXX and this is where some problems occurred. I provided the home owners insurance policy starting on XX/XX/23 since that was what was on the initial application and forms I had to return. After a few more forms and letters were requested and sent, the final closing forms were sent to myself on XX/XX/23. I noticed on these forms, the closing date was auto generated to be XX/XX/23 which was different from the initial forms. They requested to record the loan assumption agreement, the deed transfer, and some other notarized forms. They also requested XXXX checks, XXXX for fees and the other for the first month 's mortgage payment. This was all sent back on XX/XX/23. I did not hear back from Bank of America until I received a welcome letter on XX/XX/23 which stated my first mortgage payment is due XX/XX/23 and I would receive further details on how to pay it in XXXX business days. XXXX business days would significantly after XX/XX/23 which would of led to a late fee. It is XX/XX/23 and I still have not received the detailed letter on how to pay. The mortgage account is now showing up on my Bank of America account when I log in but when I click on it, it shows an error and to call the customer service phone number. The mortgage account is also removed from my brother 's Bank of America account, and he can no longer see it. My brother also received a letter in the mail stating that the check that was written for the first month mortgage payment by me is no longer needed and the amount will be refunded to my brother. This is odd since he did not write the check and the check that I wrote was also photocopied and sent to my brother. I do not want my personal information with my bank routing and account numbers sent to someone who it wasn't intended to yet Bank of America photocopied and sent it him. I called the mortgage XXXX to inquire because I still have not received the detailed information on how to make the payment and I can not access my account online to pay the first payment. I also asked why I had to pay the first payment when I already sent a check in for that and why was it refunded to someone who didn't write the check in the first place. I also discussed this with the mortgage XXXX 's supervisor. The supervisor told me that the mortgage payments are always due on the first of the month and since my brother already paid for XX/XX/XXXX, it was refunded. I asked the supervisor when will I receive the detailed information on payment and also I never received notification of when my actual closing date was. The supervisor told me the closing date is when I received the welcome letter which was dated on XX/XX/23. I have an issue with sending a welcome letter stating the first payment is due on XX/XX/23 and I will receive information on how to pay it XXXX days later which will be after it is due. I also brought up the issue on the check that I wrote for the first payment and how it was returned to another person. I told him that check should have been applied to the XX/XX/XXXX payment since that is what was told to me it was needed for. It should not be refunded to a different person from who wrote the check. If I closed on XX/XX/23, my first payment would be XX/XX/23 which the check should have been applied to. The many mistakes made in this loan assumption process seems fraudulent and strategically done to increase the chance of missed payments and increase late fees. I still can not access my account for mortgage payment online even though the account is showing up under my name through Bank of America ( since when I click on it, it does not loan and states " error '' ) and there was no information provided on how to pay it by sending a check to a physical address. I ended up calling a phone number to make the XX/XX/23 mortgage payment which was completed successfully. On XX/XX/23, Bank of America autodrafted from my brother 's account the same amount for the mortgage payment essentially getting another mortgage payment from a different person. My brother tried to call Bank of America to cancel this payment and also cancel the auto-draft but they told him he could not do that since the mortgage loan was not under his name. I don't see why he can't stop an auto-draft from his bank account if he is the account holder. I called Bank of America to ask them to refund him his payment and to stop the auto draft from his account which they stated they will put in a ticket to have this done. The whole loan assumption process seems as it's setting up clients for late/missed payments and inaccessibility to look at their mortgage loan accounts online. The close date was never provided and the home owner 's insurance was still set to start on XX/XX/23 which they approved and closed prior to that date. The mortgage XXXX admitted that the under writer 's should have caught the home owner 's policy start date should have been when the loan was closed and it was missed not only by the under writer but also by herself. The supervisor also was hesitant to provide his XXXX 's name and contact information in this whole process which leads me to believe that the supervisor may be running a fraudulent department and this may be happening to more than just myself.

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 non-monetary relief