Consumer complaint received 2015-10-19
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker

Complaint:
My Husband and I went through bank of America for a loan to purchase a home. Prior to making an offer, we approached XXXX XXXX XXXX at BOA to see what we can qualify for and get pre-qualification. After our visit and presentation of all the requested document, he issued us a loan application number ; XXXX and told us we are good to present our offer from BOA to the sellers agent. At that point, we contacted an agent XXXX XXXX to represent us as we began the process. We also gave {$5000.00} to be held in escrow as our commitment to the home. 
With no pending reason for a denial because we had a credit in the low XXXX 's, and sufficient amount in the bank to cover for approximately XXXX-XXXX % of our purchase price, we proceeded. 
one days prior to close of the loan, the Bank of America Home service specialist, called us saying that the loan will not be approved and asked if we have " more money to put down '' very devastated as this was only approximately a day prior to close and us receiving keys. 
He proceeded to tell us that the initial loan he thought would work for us, which was a XXXX loan ( he called it a XXXX. Loan ) was not possible and that he did n't know it was for only XXXX. He was asking for another almost XXXX after we have showed proof of over XXXX that we had set aside for this home. 
We contacted the seller and our agent of this grave disappointment and then proceeded to check out other options as we were told that BOA is notorious for such practices. 
We went with XXXX who offered us a jumbo loan with better terms. But as loyal bank of america customers which we have been since we were married, we wanted to give them another chance since they had all our information and we wanted to close in a timely manner. they promised and appealed with us that they would match the Credit Union Offer and we again believed them and cancelled our application with XXXX to come back to bank of America. again the same thing happened. two days before close of escrow, and us receiving the keys, Bank of America again called and said they could not close the loan and wanted us to furnish about 1 year of home payments verifiable in our account in addition to 25 % down payment. 
they had switched the script on us so much that we could not get the loan or the home that we felt very confident we could afford and had very strong credit and work income. We make over XXXX year and have great credit but for whatever reason, this incompetent banker or the inefficient methods of bank of america home mortgage department caused us much grief, disappointment and shame. 
To worsen matters, our {$5000.00} deposit to the escrow company has not been refunded and we need this amount refunded. We did not chose to abandon the process we could not qualify and get approval for the home we wanted to buy and we see no reason why our deposit to the escrow company is being held. Please we need this rectified and this mischief and thievery addressed with the Escrow company XXXX XXXX and Bank of America. 

Thanks

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation