Consumer complaint received 2017-07-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MI
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
The error resolution procedures outlined in Section  1024.35  does not make a distinction as to whether the borrower asserts an error regarding an active or closed loan. It simply states that a servicer shall comply with the requirements of section  1024.35  for any written notice from a borrower that asserts an error and that includes the name of the borrower, information that enables the servicer to identify the borrowers mortgage loan account and the error the borrower believes has occurred. My complaints to the  XXXX  credit reporting agencies regarding the re-aging of my account serves as written notice to the servicer that an error relating to the servicing of my loan has occurred. This complaint serves as my request for documents and information relied upon by the loan servicer in making its determination that no error has occurred.  <P/> The FCRA requires servicers to provide accurate information to the credit reporting agencies. As such, Bank of America, N.A., as the loan servicer on this account, is required to comply with all requirements applicable to a notice of error with respect to such written request. I have disputed the accuracy of the date of delinquency reported to the credit reporting agencies by Bank of America,  N.A . The servicer must comply within 30 days after receipt of the notice of error. Pursuant to section  1024.35 ( e ) ( 4 ),  the servicer shall provide documentation and information relied upon by the servicer in making its determination that no error occurred within 15 days of the borrowers request for such documents.  <P/> Bank of America, N.A. has failed to explain why it believes my mortgage account first became delinquent in  XXXX   XXXX . The CFPB issued a final rule on when a borrower becomes delinquent for purposes of servicing rules.  <P/> A borrower and a borrowers loan obligation are delinquent beginning on the date a payment sufficient to cover principal, interest and if applicable escrow becomes due and unpaid The CFPBs definition of when a borrowers loan becomes delinquent is consistent with the mortgage loan provisions  of P2, S ection O a nd P4 Item 3 ( attach ed ).  <P/> The  XXXX   TILA Servicing Proposal  promulgated by the CFPB allows servicers to apply payments to the oldest outstanding periodic payment. When this occurs the borrowers delinquency must advance. In the instant matter, this did not occur. The payments accepted by the loan servicer between  XXXX   XXXX  and  XXXX   XXXX  were applied to principal and interest and not applied to the periodic property taxes that became due  XXXX   XXXX ,  XXXX  ( see attached ). The loan servicer has not provided a reason authorized by law as to why my mortgage loan account was re-aged. They are required by law to correct the error.  <P/> A copy of this complaint has been mailed to today to : Bank of Americ a, N.A.,  Customer Service,  CA6-919-01-41 ,   XXXX   XXXX    XXXX   XXXX ,  XXXX   XXXX , CA  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