Consumer complaint received 2023-10-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage
Sub-issue: Changes in loan terms during or after closing

Complaint:
Mortgage Servicing Fraud WITH BACK DATED ASSIGNMENTS A relatively new term, but rapidly becoming standard, Mortgage Servicing Fraud refers to a variety of abusive servicing practices that may occur individually or collectively to a loan after it has closed. Mortgage servicers are usually a third-party company hired/contracted by the lender/note holder to perform the day-to-day tasks associated with collecting loan payments. Some of these practices include, but are not limited to : * Manipulating the accounting of loan to appear in default despite being current. 
* Refusing to accept properly tendered payments. 
* Charging fees for collection letters, inspections and BPOs. 
* Charging interest in excess of that actually owed. 
* Placing payments into suspense accounts without cause. 
Meanwhile Fabricating Assignments and Sponsoring ownership of a company in another Country These activities appear to be more commonly encountered by borrowers with equity in their property, regardless of their prime or sub-prime status. 

When it comes to mortgage servicing fraud, these wrongs are usually committed by third-party companies that hold neither title nor interest in the properties whose loans they service. Most commonly these days, servicers are employed by owners of XXXXXXXX XXXX Backed XXXX or XXXXXXXX XXXX. Mortgage Servicing Fraud stems from fairly boilerplate language used in the Pooling & Servicing Agreements that govern the relationship between the trust and the mortgage servicer. 
For instance, many Pooling & Servicing Agreements allow servicers to keep assumption fees, modification fees and basic late fees as what is known as " additional servicing compensation ''. Language such as this simply removes any incentive for a mortgage servicer to keep a borrower current in their monthly payments because to do so potentially cuts the servicer 's profit margin significantly. There are additional means for servicers to make additional profit in servicing securitized loans but this is the most basic means of profit after the relatively small monthly servicing fees that servicers contractually agree to as a rule. 
Even As I went on with my day, though, INITIALLY BANK OF AMERICA " BACWe were receiving reports that BAC ( BANKERS AUTOMATIC CLEARING SERVICES ) is sending out letters declaring that they are transferring loans from BAC of Bank of America, the parent company as of XXXX XXXX XXXX. name kept banging around in my head. I've learned, though on my own dealings with a now eight plus years battle against a fraudulent foreclosure initiated by then BANK OF AMERICA N.A.AS WELL AS n/k/a BOFA MERRILL LYNCH ASSET HOLDINGS INC , AND THE AGENT OF CT CORPORATION SELLING STOCKS AND BONDS that when something keeps flinging itself at the back of YOUR MIND it's usually looking for attention. Since XXXX unto this year at present XX/XX/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