Consumer complaint received 2023-01-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Respondent : Bank of America XXXX XXXX XXXX XXXX XXXX, CA XXXX RESPONDENTS FAILURE TO TIMELY INVESTIGATE NOTICE OF ERROR UNDER 12 C.F.R. 1024.35 ( e ) * Pursuant to 12 C.F.R. 1024.35 ( e ) ( 3 ) ( i ) ( A ), a servicer must comply with the requirements of 12 C.F.R. 1024.35 ( e ) ( 1 ) not later than XXXX days ( excluding legal public holidays, XXXX, and XXXX ) after the servicer receives the notice of errors for errors asserted under paragraph ( b ) ( 6 ) of 12 C.F.R. 1024.35. ( Emphasis added ).

* 12 C.F.R. 1024.35 ( e ) ( 1 ) provides that ; 1 ) a servicer must respond to an NOE by either correcting the error or errors identified by the borrower and providing the borrower with a written notification of the correction, the effective date of the correction, and contact information, including a phone number for further assistance ; or by 2 ) conducting a reasonable investigation and providing the borrower with written notification that includes a statement that : i ) the servicer has determined that no error occurred ; ii ) a statement of the reason or reasons for this determination ; iii ) a statement of the borrowers right to request documents relied upon by the servicer in reaching its determination ; and iv ) information regarding how the borrower can request such documents, and contact information, including a phone number, for further assistance. 

* On XX/XX/2022, the Consumer XXXX XXXX ( the Consumer ) submitted a notice of error ( NOE ) to XXXX Bank of America XXXX XXXX or BOA ) in which XXXX received on XX/XX/2022 at the address that it has designated to receive such NOEs. The XXXX XX/XX/2022 XXXX was due to an inaccurate, unfair, and misleading XX/XX/2022 payoff statement issued by XXXX. Specifically, the Consumers XX/XX/2022 XXXX was due to XXXX violation of the Fair Debt Collection Practices Act in demanding certain unexplained and non-itemized charges in that XX/XX/2022 payoff statement. A copy of the Consumers XX/XX/2022 XXXX ; and a copy the United States postal services XX/XX/2022 delivery confirmation of same, are attached hereto as Exhibits A and B, respectively. 
* On XX/XX/2022, XXXX provided an untimely response to XXXX XX/XX/2022 XXXX. Clearly, XXXX waited approximately 30 days ( excluding weekends and holidays ), before it decided to respond to Consumers XX/XX/2022 notice of error not 7 days as required by Regulation X, 12 C.F.R. 1024.35 ( e ) ( 3 ) ( i ) ( A ). A copy of XXXX XX/XX/2022 untimely response is attached hereto as Exhibit C. 
* Despite receiving Consumers NOE on XX/XX/2022, XXXX BOA intentionally failed to provide a timely and reasonable investigation of Consumers XX/XX/2022 XXXX. More specifically, XXXX failed to timely investigate and/or correct any of the errors asserted in the Consumers XX/XX/2022 Inquiry, and to do so within the applicable timeframe of XXXX ( XXXX ) business days of receipt of such NOE- as required by 12 C.F.R. 1024.35 ( e ) ( 3 ). Instead, XXXX, during those XXXX business days, simply ignored the XXXX dead line to investigate the XXXX XX/XX/2022 XXXX. 
* As a result of BOAs violations alleged herein, Consumer has suffered actual damages in the form of emotional distress, anxiety, the constant fear of losing her home, worry, embarrassment, and anguish because of the ongoing failures of the XXXX to timely address XXXX XX/XX/2022 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