Consumer complaint received 2020-09-06
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Bank of America set a notice to our home in Florida on XXXX XX/XX/XXXX that we were required to provide proof of insurance. Due to COVID-19, we were not at our home and a second notice was sent on XXXX XX/XX/XXXX. Bank of America made no attempt to reach out to the insurance agent on file or reach out to us via email ( on file ) or by posting a message to our online banking account. Both XXXX XXXX  and XXXX XXXX letters referenced that the coverage period in question was XXXX to XXXX XX/XX/XXXX ( the previous year 's insurance which was already on file - policy covers XXXX XX/XX/XXXX to XXXX XX/XX/XXXX. New policy in effect covers XXXX XX/XX/XXXX to XXXX XX/XX/XXXX ). 
On XXXX XX/XX/XXXX, Bank of America issued another letter that we had 60 days to provide proof of insurance and the new dates of concern were XXXX XX/XX/XXXX through XXXX XX/XX/XXXX. Our insurance agent was contacted and a request for the declaration page was addressed. On XXXX XXXX, I uploaded to Ihaveinsurance.com/BankofAmerica per the notices we received. I confirmed on XXXX XXXX that the new policy was available to view. The previous year 's policy was already there which covered the XXXX XX/XX/XXXX to XXXX XX/XX/XXXX period. We provided the XXXX XX/XX/XXXX to XXXX XX/XX/XXXX insurance declaration page. Our policy will be renewed next XXXX so there is no reason to require insurance from XXXX XX/XX/XXXX to XXXX XX/XX/XXXX as those dates will be included in the following year 's policy. I was able to confirm that the current policy was available to view on the online XXXX XXXX XXXX portal. I then received a copy of the lender placed insurance dated XXXX XXXX through XXXX XX/XX/XXXX and the cost was added to an escrow account on my mortgage for {$8000.00}. I have attempted to resolved this with numerous phone calls to Bank of America who then must go to the underwriter. I spoke to XXXX on XXXX XXXX and he sent it back to the underwriter for a response within 10 days. On or about XXXX XXXX I spoke to a very helpful customer service rep who spoke to the underwriter and assured me this would be corrected within 10 business days. On or about XXXX XXXX I spoke to a customer service rep who could see the previous details but was not able to provide assistance as it was now in the hands of the underwriter. The have repeatedly said for over 2 months that they are reviewing the policies. Our monthly mortgage has been increased to cover for lender placed insurance. This property now has two effective insurance policies in place for the same property covering the same time periods. We can not figure out how the dates of XXXX XXXX have come into place as none of our current policies have an expiration date of XXXX XXXX. Bank of America has made no attempt to correct their error. We have been account holders for over 20 years.

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