Consumer complaint received 2021-08-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I submitted a mortgage loan application to Bank of America on XX/XX/2021 to purchase my first home in XXXX, XXXX After the initial acceptance and signing of their offer, and throughout the approval process, the lender sent a number of requests of documents and support to justify my income and debts. 
It became clear that each one of these requests seemed to put in doubt my financial situation and creditworthiness, with messages of urgency and threats to decline the loan ; even though every time I was sent a request, I sent in the requested documents without delay and in perfect order ( including : tax returns, check stubs, letter of employment, bank statements, etc. ). There were no follow ups to these requests, just silence until the next urgent request. It seemed to me as though they were looking for any reason to decline my loan. 
On XX/XX/2021, after over a week without any contact or requests, and only 6 days before closing, I was contacted by my loan officer XXXX XXXX ( NMLS # XXXX ), who announced that the Bank of America decided to reclassify the property loan from a primary residence to a non-owner occupied, and as a result would steer me to a loan with less favorable terms, and further delay the process by more than six months. This new loan would have a higher interest rate and disqualify me from the closing cost assistance program which I previously qualified for, under the terms of the original loan offer I agreed to at the end of XXXX. 
When I tried to get someone to explain to me how the reclassification occurred, and why I was not notified that this would be an issue more than six days before my closing date, XXXX XXXX ( NMLS # XXXX ), Vice President CS Sales Manager at Bank of America, told me on the phone that the reason was that the Bank of America decided my property will be investment property based on their research. When I asked to see the written research, or tried to get contact information to someone I could clarify what the misunderstanding was, he told me that he couldnt provide any written documentation until I had cancelled the loan. He explained that the Bank of America is unsure that I am going to move out of my current address, in spite of receiving multiple letters from my employers saying so. Both XXXX and XXXX have refused to provide a formal written response or make available any possible consideration to correct this mistake in my case. Any written correspondence Ive had with Bank of America has been through their secure messaging system, where messages conveniently auto-expire. 
So, with only 6 days to closing on XX/XX/2021 I am facing the prospect of losing the house I worked so hard to achieve, and it has nothing to do with my financial situation and creditworthiness, but a vagary administrative decision that has left me without any apparent recourse. 
I hope you can understand my frustration, and can help me in this matter. 

Thank you so much in advance, 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