Consumer complaint received 2018-07-19
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I applied for a mortgage loan through Bank of America on XX/XX/2018 and my loan officer was XXXX XXXX. My loan had a closing day of XX/XX/XXXX and I was given false information that I was ready to close on that day by the mortgage officer. Because of that I lost my earnest money deposit of {$2700.00} when we did not close. I was pre qualified for of {$230000.00} on a fixed fha loan. I asked XXXX for programs that I could qualify for and she let me know there was a program assisted with {$20000.00} down. After learning from my agent, XXXX XXXX, per Mrs. XXXX the program had run out of funds and we wouldnt be able to use it. I emailed Mrs. XXXX asking her about another program she had mentioned to my agent and she called me and told me about a XXXX county down payment assistance program. Mrs. XXXX said this program would give you 20 % down for your house and that it would be a silent second that would go away within a few years. I asked what I had to do to qualify for it and she told me I didnt have to do anything, that I was within their guidelines and she would file the paperwork for it. She also let me know that I could purchase a house for {$27000.00} and the program would program would give me the down payment for {$55000.00}. I asked Mrs. XXXX how long does it take to hear from the program and she stated that it does take a over 10 days but that one of the best things about going with Bank of America was that Bank of America would pay off the 20 % on the loan and the program would then repay the money to Bank of America. I entered escrow on XX/XX/XXXX and gave my earnest money deposit of {$2700.00}. Over the following 30 days I would contact Mrs. XXXX and she said everything was good and moving along Mrs. XXXX called me 3 days before closing on XX/XX/XXXX, and asked me to go in and sign a paper that was required for the down payment assistance program. She stated that she had recently renewed her training for the program and learned that this paper had to be signed exactly 3 days before closing, even if it was a Saturday. During my meeting with her, while I signed the paper I asked her if we were definitely set to close on XX/XX/XXXX, Mrs. XXXX said that she was going to send over that signed paper that day and was going to contact the escrow company and I should have the papers to sign on Monday the XXXX and have my keys Monday afternoon or Tuesday. I left there definitely excited and knowing I would have my house come Tuesday. I received a phone call from Mrs. XXXX on the day of closing, XX/XX/XXXX, at about XXXX XXXX. Mrs. XXXX stated that there was a small hiccup but for me not to worry. She told me that the training her certification for the down payment assistance program had expired in between the time she went to the training and then. She said that her new certification would not take effect until XX/XX/XXXX but told me not to worry that she had spoken to someone from the program and they told her that all she had to do was transfer the paperwork to someone who was certified. Mrs. XXXX stated that she had a coworker at Bank of America that was certified and had agreed to take on the file but that it would take at least a few hours but for me not to worry that I could still close on the house possibly that afternoon, if not definitely the next day. Later in the day on XX/XX/18, my agent informed me that the escrow officer, XXXX XXXX, had received an email from mrs. XXXX stating the CD had gone out 10 days prior to this, which is the step right before Loan documents. The escrow officer emailed XXXX XXXX with some questions that that she, my agent and I had and Mrs. XXXX did not respond to all the questions and was not forthcoming on little, if any information. The escrow officer also emailed the title coordinator asking for a the eta on loan docs because it was closing day. XXXX XXXX, title coordinator emailed back that he has the closing day as XX/XX/XXXX. At this point, I had not heard anything about a XX/XX/XXXX closing. There are attached emails that will show that there was a lot of miscommunication on behalf of Bank of America. On XX/XX/18 my agent spoke with XXXX XXXX XXXX, Mrs. XXXX supervisor. Ms. XXXX let my agent know that Mrs. XXXX went on leave and that is the reason she was communicating with her. Ms. XXXX also said that I was never approved for a loan with Bank of America. But how is that so if we Mrs. XXXX had emailed earlier saying we were getting a CD that is the step right before loan docs. Then my agent gets an email from XXXX stating that XXXX countys program internal approval process is 4 weeks out then the loan must be reinitiated and at this point, she suggested that I start working with another lender, unless we can get the seller to agree to an extension for at least 45 to 60 days. After hearing all the false information I had been given, I contacted Ms. XXXX by phone. After speaking with Ms. XXXX on XX/XX/XXXX, she told me that I would not be getting any refund and Bank of America was not at fault. I requested a meeting with her, and Mrs. XXXX and she told me that Mrs. XXXX had gone out on leave and could not be reached, and if I wanted a meeting it would just be with her telling me the same things she already had. I requested the number to Ms. XXXX supervisor, XXXX XXXX XXXX. I called Mr. XXXX and I went over everything that happened with the mortgage officer and he said that he would look into it and get back to me within a couple of days. XXXX returned my phone call 2 days later and let me know that Ms. XXXX was also on the call. Mr. XXXX told me that unfortunately there was nothing that he could do to give me back my earnest money deposit but would return my appraisal. I let him know that this was not ok, that I had been misled and lied to and I again requested a meeting with Ms. XXXX. I told them that I found it unusual that she had gone on leave right when it was time to answer questions about my loan. At that time Ms. XXXX said that this was finished and there would be no more meetings. On XX/XX/XXXX I received a letter from Bank of America that I withdrew my mortgage application, I never withdrew my application. The letter said it was from XXXX XXXX. As Ive been told, multiple times, XXXX is on medical leave and is not able to have a meeting to discuss what happened with my loan. But yet I received a letter that is from her. I am extremely disappointed with the service that was provided. I have been banking with Bank of America for many years and thought that going to my own bank that I would be treated with the best service. I believe that Bank of America did not train Ms. XXXX properly and there was a lot of miscommunication within Bank of America. Mrs. XXXX also did not have enough knowledge on the XXXX county down payment assistance program, and was offering it even though she was not certified in it and because of all this, I lost my deposit.

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