Consumer complaint received 2020-03-18
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: VA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
To whom it may concern, On or around XX/XX/XXXX of XXXX I applied for an FHA mortgage through bank of america. I met on site with one of their mortgage loan officers XXXX XXXX NMLS # XXXX. I filled out all of the pre-qualification paperwork and she then ran my credit report. Based on what she found she said my DTI was at 34 % and I was eligible for an FHA loan through bank of america. She told me of some documents Id need such as bank statements, tax returns, and pay stubs which I provided to her within 24 hours. I went to her office several times in the course of two weeks giving her papers and filling out more. Of which was questions about inquiries on my credit report and where they came from. XXXX is XXXX, and a bit hard to understand so as she was reading off the inquiries from her computer she had me write down my answers on a blank piece of paper. She asked me about one inquiry from XXXX. I had no heard of them so my response was that it was possible they were either a mortgage company while I was shopping around or personal loan company while I was shopping to consolidate my credit cards. But that I did not recognize the name and did not use them. A week later she calls me and asks about a loan with XXXX, who I did have a loan with starting in XXXX of XXXX. I told her yes I had a loan through them but she did not ask me about XXXX when we went over the credit report. Apparently its XXXX/XXXX  but as she read that off to me originally she did not read the full name and hence the confusion began. From there she informed me that my DTI might now be too high. I was confused and frustrated that she had taken so long to figure this out when it was information easily accessed in my bank records. On top of that asking me for the same documents several times over and misinforming me as to what type of gift letter BOA would accept. Now being only one weekend away from our contract date for loan approval, I contacted her manager XXXX XXXX who is VP for their branch. After a week of no response from him with either phone calls or emails he finally got back to me and offered help. Told me that they would fast track things and get a credit supplement done quickly. On XX/XX/XXXX XXXX sent me an updated needs list, of the things on the list was the original loan application to fill out yet again. I filled out all documents the same day and returned them in person the following afternoon. Now we are well past our approval date as per contract. From there an entire week goes by where neither XXXX or XXXX will return any messages or call me back. I emailed and called and nothing. No status updates at all. I contacted several people at BOA including XXXX XXXX who gave me the name and contact info for their district manager XXXX XXXX. I called and emailed him for status updates and got more of the same silence. On XX/XX/XXXX XXXX XXXX finally emails me back saying he will contact the under writing manager and get things fast track. Finally after calling every day and not having any responses XXXX contacted me on XX/XX/XXXX to tell me that she hadnt heard anything back from underwriting and was still waiting to hear. The next day on XX/XX/XXXX XXXX XXXX calls to tell me that my loan wasn't approved because of my DTI. That day I sent an email to XXXX, XXXX, and XXXX requesting a letter of denial so I could show proof for my contract purposes, and a transfer of the FHA case number and appraisal to my new loan officer XXXX XXXX. XXXX followed up with another request and XXXX XXXX responded by email on XX/XX/XXXX saying that the request to transfer the FHA case number had been submitted. Come Monday XX/XX/XXXX-XX/XX/XXXX XXXX called and emailed each day inquiring about the transfer and was met with harsh attitude and assurance that it had already been transferred. She explained to XXXX that it had not and was still under bank of america. Emails were sent to XXXX, XXXX, and XXXX again each day requesting the letter of denial, and transfer of FHA number. No calls or emails were returned. On top of that it was brought to my attention that XXXX XXXX told both my new loan officer XXXX, and the sellers agent XXXX XXXX, that I was a liar and did not disclose that I had a personal loan. This is unprofessional and slanderous. Now we have to go through a whole process through FHA to get a new loan number and change our closing date. This puts both my family and the sellers family in a problematic situation, all because bank of america could not provide timely acceptance or denial of loan. Now they intentionally block the transfer process to make it difficult or impossible to continue it on with a new and professional mortgage loan officer. I have all emails saved and am willing to provide any additional information that you made need. I ask for your assistance in this so these loan officers at bank of america can no longer foul up peoples lives with laziness and misinformation.

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