Consumer complaint received 2021-07-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
I have applied for a mortgage loan with Bank of America in XX/XX/2018. The loan officer assigned was XXXX XXXX. The loan type XXXX applied for was Conventional with a rate of 4.250 % which I was told I am qualified for and given the pre-approval letter. During the loan application, I was also working with a loan coordinator XXXX XXXX. Per the loan officer 's request, I have submitted several documents to both XXXX and XXXX. In the mail conversation with the two, I have not been notified that I have to provide the documentation they asked for to be submitted within 48 to 72 hours. After a phone conversation with XXXX XXXX, I learned that the loan officer had left on a vacation somewhere during the last week of XXXX and my recently submitted evidence to XXXX had never made it to my file as confirmed by Mrs. XXXX. I then wrote an email to Mrs. XXXX and answered the same set of questions as advised by Mrs. XXXX. The loan officer XXXX emailed me in the first week of XXXX and asked for the same list of questions I have answered in the email although this time I needed to write letters with signatures. In the week of XXXX XXXX, Mrs. XXXX has emailed me an additional set of documentation which I have explained to her via a phone conversation that I need to reach out to other people to get the evidence required. Again, I was not notified I have to respond with the required evidence within 48-72 hours. During this week XXXX XXXX XXXX ) the loan process has been denied which myself and my agent learned about on Monday, XXXX the XXXX. My agent has called the loan officer and Mrs. XXXX told her that the loan process has been canceled due to the late submission of the evidence asked that same week. Mrs. XXXX had also got in touch with the house of interest listing agent and had announced the denial due to my " disengagement '' as I learned later. I have never received the courtesy call or email from the loan officer XXXX stating that the loan process was canceled. I was the last person to learn of the denial and both my agent and the listing agent had questioned the reasons behind my actions. Moreover, the listing agent had imposed the legal retainment of the earnest money that put me in a greater financial loss if I did not proceed with the loan process. I then called Mrs. XXXX, the loan coordinator, and learned that the loan has been canceled due to other reasons ( my second job income was not sufficient for the loan ). I wrote emails to Mrs. XXXX and Mrs. XXXX to send me the denial letter I had never received. I also tried to reach out to the manager XXXX XXXX via email and phone and I have not heard back from her since. I called ms. XXXX via phone and told me the true reason for the denial, however, has never acknowledged it in a written form. I asked what my options and she had told me I can restart the process with Bank of America and per her opinion, I am a good candidate, or she can help me with another lender she knows about. I chose to reprocess the loan with Bank of America and the same day XX/XX/XXXX submitted additional evidence asked per Mrs. XXXX. The following day, Mrs. XXXX contacted me and told me I have two options I can choose from : FHA or Conventional but not 5 % downpayment as initially discussed, but 10 %. On the same day, Mrs. XXXX got in touch again with the listing agent and told her and the seller that I am given two options to choose from ( however she has never explained the new terms of the loan I was facing as I learned later in the day ) and that I am holding time for the loan process. I asked for the worksheets of the two loan options and I have learned that the conventional loan I was applying for had a rate of 4.375 % with a 10 % downpayment. Mrs. XXXX has not communicated to me that firstly, the rate is not 4.250 % as in the pre-approval letter, but 4.375 %, and secondly, she has not respected the work ethics nor with me or with my agent as a Bank of America representative to falsely or partially disclose information about my loan application with Bank of America without my consent. I am a customer of Bank of America for more than 7 years and I had never received dishonest treatment as I did this time. I do have documentation in email form containing documents I have submitted to the loan officer in support of this complaint and waiting for the denial letter in the mail. The branch address of Bank of America in this cause follows XXXX XXXX XXXX XXXX. XXXX, XXXX GA XXXX ; Manager XXXX XXXX phone 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