Consumer complaint received 2017-04-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Application, originator, mortgage broker

Complaint:
XX/XX/2017 To Whom It May Concern - I 'm writing to file a complaint regarding a recent ( beginning XX/XX/2017 ) experience with Bank of America regarding the processing and decisions made for a $ XXXX home equity loan on a property that had/has no mortgage or other liens against it. The end result is that after a fifty-five ( 55 ) day process of drip information requests by the second loan originator by phone ( the first loan originator was at a local BoA bank branch ( 1 hour of time collecting basic loan information ), my application was forwarded to underwriter loan processor, who informed me that she would n't approve my application. 
My complaint is based on the following : 1. The time taken just to ask questions and gather loan processor requested information - 55 days 2. The lack of clear and complete information requirements communicated in documentation provided to me via post mail, in multiple loan processor discussions during the loan origination process by the loan processor 3. The continued extension of time to gather a continued number of additional documents and requested information 4. The lack of clear communication along the process regarding my eligibility, or potential lack thereof 5. The communication received once the loan origination process was passed to loan underwriting 6. Updating my homeowner 's insurance policy was mandatory prior to underwriting review, which also added to the loan origination process time ; then, once underwriting declined, removal of this requirement from my homeowner 's policy 7. The first call from loan underwriter was to let me know that she had n't received my paperwork, and would I be willing to resubmit my paperwork ( after 55 days of submitting loan reference documentation to loan processing representative ) 8. After 55 days of loan processing requests and in my second conversation with mortgage loan underwriter, I was informed that the information I submitted along the process had n't been verified until the 55th day of the loan process. 
9. I had to set-up a checking account with BoA, which was completed prior to underwriter review in order to receive a loan rate discount. 

This loan process was a complete waste of my time and efforts in good faith to work with the BoA in information gathering and decision determination. The Bank should have known within 5 days of most of the information overall requested and provided whether I was qualified for this loan, and should have been able to verify any questions it had to determine my eligibility for the loan requested. 

I would like a complete review of this incident and process that was performed in order to show that the Bank was misleading in its communication and had no intention of offering me a loan at an earlier point in the loan process, but did not communicate it until nearly the end of the prolonged process and quoted time to process ( 60 days ). 

I can provide documentation as evidence that supports my complaint.

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