Consumer complaint received 2018-12-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Mortgage proposal XXXX I like to file the following complaint regarding my XX/XX/2018 loan application at the local XXXX, Ca branch of Bank of America. 

The relationship manager XXXX XXXX connected me with their Lending Officer XXXX XXXX on XX/XX/18 afternoon. Her quote over the phone was quite competitive at 4.25 %. So, we met on XX/XX/XXXX at XXXX XXXX. I described the desired cash-out loan for potential cash buy. She said she can lock the rates for {$500000.00} cash out loan at : 30 yr 4 %, 10/1 for 3.625 %, and 7/1 for 3.25 % on the entire day because it is a non-market day for mourning XXXX XXXX. Furthermore, she said that I can lock in one type of loan now and change later before the closing date. The rates that she quoted will stay in the computer. In order to complete the application without delay, I ran back and forth from home and provided all the documents that she needed. I asked that she lock for the 7/1 program. She said her computer was slow but promised to send me the proposals later that day. Many proposals with those described rates were emailed to me on XX/XX/XXXX night. I again confirmed to her by email of our decision to go with the 7/1 at 3.25 % at this time. Those proposals contain many terms that I do not fully understand e.g. conventional, conforming, non-conforming. I asked to meet with her on XX/XX/XXXX to have her go over the proposal with me in detail. Two other discrepancies were present in the document : 1.include points in the loan cost which was not illustrated during the XX/XX/XXXX meeting and 2. the loan amount of the 7/1 program is XXXX, not XXXX as requested.. 

Unfortunately, when we met on XX/XX/XXXX at XXXX, she said the program she used in the proposals is not for cash-out loan but for new purchase. However, the program did allowed her to quote to me but can not proceed to completion ( a system wide issue? ).  She then began to describe other loan pathways : a. cash out at 5 % rate ( instead of the 4 % she quoted on XX/XX/XXXX ), b. refinance my current home, or c. new purchase with a minimum loan of {$450000.00} with 20 % down to qualify for a non-conforming loan. With scenario c, she said she can apply the rates that she quoted the day before. But, as I asked her to confirm, she begin to walk back on that statement. In the end, nothing was achieved after many hours spent on both days. 

On XX/XX/XXXX and on XX/XX/XXXX, I got to talk to her supervisor XXXX XXXX. He sounded very nice but offered no resolution. He said those proposals would not work for cash out and those rates were not locked even though XXXX clearly indicated that they were. I told him that since I received proposals with those figures the same night that XXXX purportedly locked the rates, I trusted that everything are in order. 

This is the worst lending experience I had. I felt misled from the failed promises. Since Mr. XXXX can not come up with a resolution, I am writing this complaint to the agency that protects the consumer looking for loans. I like for Bank of America to honor what they proposed on XX/XX/XXXX. They should also take measures to prevent offering similar misleading quotes and proposals to other customers in the future.

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