Consumer complaint received 2020-07-30
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:
In XX/XX/2020 I was going to my Bank of America to obtain an auto loan, which I was immediately approved 100 % with no issues. The bank employee also mentioned to me due to my savings account, mortgage account, monthly income and being a high loyal customer i should talk to the loan mortgage office to refinance my current mortgage to a Lowe APR. the bank employees had asked me numerous times previously to refi and most of the time I declined. This time they solicited me about lowering the APR and due to my high income the refi could go very fast and smooth. I finally gave in and started the application in XX/XX/2020, they gave me a 3.25 APR FOR a 20 yr loan ( refi ). I submitted to them all income documents, and all other documents. Then they started to ask me to explain some revolving amounts ( not large amounts, very small amounts ) and I answered via email that those revolving amounts were already paid. 
( XXXX amount of XXXX $ ), the new car loan, which was approved by them. I also told them that my and husbands household yearly income is roughly XXXX, plus having a XXXX $ savings, XXXX around XXXX. Our home for refi was valued @ XXXX $ and the outstanding balance on it was XXXX XXXX Our 2nd home is Michigan is valued at XXXX XXXX So I paid in XXXX the appraisal XXXX . 2 weeks later a Bank of America employee told me for closing cost I would have to pay around XXXX XXXX I told that underwriter that no refinance amount of XXXX $ is correct for a loan to be refinanced of XXXX. I wasnt happy about that. I called the loan officer and informed him that apparently there is a miscalculation of closing costs. A week later still in XXXX the closing cost estimate changed to around XXXX . Once again I said to the loan officer closing cost at my loan amount should not be more than XXXX $ plus / minus Then the loan officer explained to me that those estimate closing costs will change to a lower amount and I should proceed with the loan process before XX/XX/2020. So I proceeded. At the end of XXXX Bank of America called me and dropped my loan application, the reason was ( what they say ) I was unemployed. 
I told them I wasnt unemployed and asked where the got that information.I was and I am an active employee of an major airline and when they ran my credit in XXXX and XXXX they received my employment status and my income verification. They intentionally dropped application after I paid the appraisal of XXXX . The loan officer called me back ( frantic way, apologizing about the situation. He said Bank of America will refund my appraisal fee. I still havent seen anything. I informed that loan officer that I wanted a good explanation and wanted to talk to the big boss who oversees the XXXX XXXX area. 
The assistant Vice President ( XXXX XXXX ) called me up trying to explain what happened and he also said they would refund my appraisal fee.i did have a heated discussion with him that Bank of America had solicited me and then drop the ball. I said to him that I have enough collateral to cover my loan. It seems like they were intentionally running customers credit and info to deny any refi loans. 
He emailed me too XX/XX/2020 to reach out to me again in XX/XX/2020 look again about refinancing. No call was made. Bank of America and its officers dont really offer the products they are offering. To me it felt very corrupt and incompetent.

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 monetary relief