Consumer complaint received 2015-11-03
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
My wife and I began a refinance process on our house XXXX. We currently live XXXX and are renting out the house. We were interested in lower our interest rate. The entire process took 5-6 months. A lot of delays on the bank side, very unresponsive and we feel we were treated unfair. We went through XXXX underwriters because the bank themselves acknowledged prior ones were not communicating/working out properly. We received multiple Hud Statements, but we were told not to worry about the information on it until the last XXXX came. Thoughout the entire process, they kept requesting same paperwork over and over, not only from us, but from my employer- who was becoming very irritated. After escalating our loan to supervisors/managers - we were told we did n't qualify, only later to find out it 's because some of my income was not being used. Which they did a very poor job in communicating that- the loan was finally approved - after the asked the proper questions to my employer. Once the final Hud Statement was sent- it turns out that We were being charged for Extensions - added up to about {$2400.00} - which was NEVER communicated to us- yet they claim it was. Interest rate was higher- because we were taking cash out - which was NEVER communicated to us, yet they claim it was. Once we finally closed, there was a loan that needed to be paid off, in order to qualify ( which was poorly communicated to us ) - we assumed the check would be sent to the finance company, but it was n't, we kept checking to make sure it got paid, and did n't find anything out until we reached out. We were then told that the check was sent to us, but that it was sent to the wrong address, so it came back and it needed to be sent again. We asked why this was n't communicated to us, no answer. the loan was with a XXXX, so we could n't quickly get it to them - we had to overnight it - I asked what the bank planned to do about this error. They said nothing- but I later received a call saying they would send me a {$50.00} gift card. I explained I was very disatisfied with everything, and that I am not looking for a {$50.00} gift card, but for all the extra fees we had to pay. Nothing was done. A few days after closing- we were called by the notary - saying that a witness was needed on the closing - that was not done initially- she advised us that the bank gave a very tight window to complete- so I had to leave early from work and meet her at a Bank branch. 

If I had the luxury of going with another company, I would have, but after promise and promise, they kept dragging us along, plus, we were in the middle of buying another house. We planned on going with the same bank, but after this experience, and then being told that they could n't close on time, we went with another company. We really could not afford to start the process all over again with another company, we did not have many options.

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