Consumer complaint received 2020-04-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I've been working through a mortgage application process with Bank of America, XXXX XXXX XXXX XXXX XXXX, XXXX, FL XXXX. XXXX XXXX NMLS ID XXXX. I'm an XXXX XXXX that has over $ XXXX in salaried W2 income in a profession Ive been in directly for 9 years and accumulatively for 14. In addition, I have a 20 % bonus structure that this year paid out in excess of bonus target, as it has every year in recent years. On top of that, I receive a stock long term incentive which has been tracked and paid out. All on my W2s. 

Simply because I recently got my XXXX XXXX XXXX and got a business card that has a monthly payment of roughly {$70.00} dollars, yes SEVENTY DOLLARS, when I make well over a XXXX XXXX, they will not move forward with my loan without tax returns. My XXXX tax returns are not filed due to a divorce, but are with the Tax Preparer and now complete. Regardless, there was no XXXX XXXX income on there because I didnt get the license until late XXXX. As you know, XXXX returns are not due. Ive continued to receive a run around and now the lender has failed not only to issue a timely approval with appropriate notices and lead times with a income and debt ratio. Not only is there serious RESPA violations of Regulation X, there are other concerns with Truth in Lending and frankly some potential concerns with such an undocumented and unjustified delay on my home purchase closing. Ive made the lender clear with regular statements as requested that there is no material income or loss for this hobby, so their continued delay in funding this loan is inappropriate. 

Im aware that congress enacted a stimulus plan to ensure that the lending market remained liquid and Im confident BofA has taken advantage of those zero interest loans. Im asking you to hold them accountable as regulated to provide a fair and timely approval. This has caused me financial hardship as Ill now need to look into extending lease that is running over $ XXXX a month with the short term lease premium due to this mismanagement of the lending process, where as I was looking forward to locking into a great mortgage payment of around {$500.00} less per month. Please escalate this to the highest levels to help me stay on track during these challenging times. In addition, I now have real estate agents, title companies and insurance companies all complaining about bank of America and a virtual cease in ALL communication. This puts me as the consumer who has filled all underwriting requests and shown a credit report FREE from delquencies and an income structure to support such a loan receiving the brunt end of the complaints and harassment from all of these individuals trying to do their job in the closing, but not getting adequate ( and required ) notifications during this real estate settlement process. This puts me in the middle and taking the brunt of this outreach. During these pressing times, we'd expect prompt responses from our banks. I've had an account with them since I was a teenager and this behavior is unacceptable.

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