Consumer complaint received 2016-11-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
In XXXX, 2016, we decided to refinance our rental property and in good faith with Bank of America ( B of A ), in hindsight, a decision that was obviously made in error to pursue with B of A. We never thought any issue would occur with our refinance, nor were we ever told that the refinance would not go through until XXXX/XXXX/16. From XXXX/XXXX/16 until XXXX/XXXX/16 is a period of over 3 months to obtain any confirmed response as to our refinance status. That is excessive, unwarranted, and is unacceptable and reflective of defective customer service from this institution. 
When we initially refinanced we spoke with employee XXXX XXXX, who never informed us that our refinance would be an issue, he assured us that we can proceed. He also ran our credit ( as did employee XXXX XXXX ) and informed us that B of A could in fact move forward with the refinance. He offered us a rate of 3.75 % with some closing costs. Over the next month or so, he was never available to provide us with any accurate updates as to what was going on with our refinance. He gave us the run around by not returning phone calls or emails. However, he happily took {$470.00} of our money to secure an appraisal. That money to date has not yet been refunded ( and it must be refunded immediately since we did not receive a promised refinance ). 
After we spoke with XXXX, and were successfully given the runaround by him, XXXX supervisor ( XXXX ) eventually informed us that we had to apply for a " different '' loan. Approximately a month or so later, we then were transferred to XXXX XXXX to pursue this " different '' loan process. XXXX XXXX called us, and in detail, went over the particulars of this " new '' refinance, including compelling her and me to timely complete and sign, and send to her numerous, numerous documents to facilitate the process. Which we happily completed under the impression that we were going to be refinanced. We even received numerous phone calls from a title company confirming as to what name the property should be titled as. 
After we confirmed title, we were told by XXXX that we again needed to pay for another appraisal because the property was a considered rental property. We were happy to comply with this request and were ready to pay the difference that XXXX specifically stated we had to pay to obtain yet ANOTHER appraisal because according to her, an appraisal for a rental ( including its cost ) is " different '' than a " regular '' appraisal ( which we paid {$470.00} for and should be refunded immediately ). She informed us that we needed to pay approximately {$670.00} for this " new '' appraisal even though we had already purchased a prior appraisal for the SAME property, a month earlier at XXXX request. We were nonetheless ready in good faith to comply with her instructions. 
Hence, XXXX XXXX, XXXX, and XXXX supervisor ( XXXX ) both knew that the refinance was for a rental property and still continued to assist, reassure, and inform us that our refinance was going to go through as expected. At this time our home purchase in XXXX had been effectuated. We personally received an e-mail from XXXX about our refinance, after I had to repeatedly follow up with her, in which she clearly and unequivocally stated that " there is nothing more we need to do '' and that I needed to wait about 3 weeks for the refinance process to complete. That everything was fine. More lies. After that false and deceitful message from XXXX XXXX, she then randomly and out of the blue told us that we needed to speak to XXXX manager XXXX XXXX. We attempted to contact XXXX multiple times with no response. I then contacted XXXX XXXX who again was 100 % not forthcoming and also obfuscated my efforts to obtain a straight answer as to our refinance. He eventually told me that he could not say anything and that at my request, he would " escalate '' the issue. We were wrongfully denied a refinance

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